Section 62(2)

The amount of the penalty shall be equal to— in a case where the penalty is imposed by virtue of subsection (1) above, the difference between— the amount of the VAT which would have been chargeable on the supply or supplies if the certificate had been correct; and the amount of VAT actually chargeable; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: legislation.gov.uk · retrieved 2026-07-28