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ACCA Strategic Professional · Advanced Taxation (UK) · Appropriateness of planning measures to a taxpayer's circumstances and objectives

Which statement correctly compares the maximum standard penalties for errors in the ATX-UK tax tables?

The maximum penalties are 30% for careless errors, 70% for deliberate but not concealed errors and 100% for deliberate and concealed errors. The other sets of figures are the minimum penalties for prompted or unprompted disclosure, not the maximums.

  1. ACareless 30%, deliberate but not concealed 70%, deliberate and concealed 100%Correct
  2. BCareless 15%, deliberate but not concealed 35%, deliberate and concealed 50%
  3. CCareless 30%, deliberate but not concealed 50%, deliberate and concealed 100%
  4. DCareless 0%, deliberate but not concealed 20%, deliberate and concealed 30%

Explanation

The table sets the maximum penalties at 30% for careless, 70% for deliberate but not concealed and 100% for deliberate and concealed. The 15%, 35% and 50% figures are the prompted-disclosure minimums. The 0%, 20% and 30% figures are the unprompted-disclosure minimums.

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