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ACCA Strategic Professional · Advanced Taxation (UK) · Statutory obligations, time limits and the implications of non-compliance

Which statement about the minimum penalty for a careless error is correct under the standard penalties for errors table?

For a careless error the minimum penalty is 0% where disclosure is unprompted and 15% where it is prompted. The maximum is 30%. The 20% and 35% minimums relate to deliberate but not concealed errors, so they are wrong here.

  1. AThe minimum is 15% for an unprompted disclosure and 30% for a prompted disclosure
  2. BThe minimum is 0% for an unprompted disclosure and 15% for a prompted disclosureCorrect
  3. CThe minimum is 0% whether the disclosure is prompted or unprompted
  4. DThe minimum is 20% for an unprompted disclosure and 35% for a prompted disclosure

Explanation

For careless behaviour the table shows a maximum of 30%, a minimum of 0% for unprompted disclosure and 15% for prompted disclosure. The 20% and 35% figures belong to deliberate but not concealed behaviour.

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