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Resolved,
That—(1) In section 14(1) of the Finance Act 1985, for "20 per cent." there shall be substituted "15 per cent.". (2) Subject to paragraph (3) below, this Resolution shall apply where a penalty is assessed after 10th March 1992 in relation to a prescribed accounting period beginning on or after 1st April 1990. (3) This Resolution shall not apply in the case of a supplementary assessment if the original assessment was made on or before 10th March 1992.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.