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You must check the date from which these rules apply for the tax or duty you are dealing with. See CH81011 for full details.

James has made a prompted disclosure of a careless inaccuracy. »Ê¹ÚÌåÓýapp PLR is £12,000.

Step 1

»Ê¹ÚÌåÓýapp percentage for the quality of the disclosure (a) has been calculated as 60%.

Step 2

»Ê¹ÚÌåÓýapp maximum penalty (b) is 30% and the minimum penalty (c) is 15%.

So the maximum disclosure reduction (d) is 30 � 15 = 15

Step 3

»Ê¹ÚÌåÓýapp actual reduction percentage for disclosure (e) is 15 x 60% = 9%

Step 4

Penalty percentage to be charged (f) is 30% � 9% = 21%

Step 5

»Ê¹ÚÌåÓýapp penalty to be charged (g) is £12,000 x 21% = £2,520