Sch 11A para 11
(1) Where the failure mentioned in paragraph 10(1) relates to a notifiable scheme that is not a designated scheme, the amount of the penalty is £5,000. (2) Where the failure mentioned in paragraph 10(1) relates to a designated scheme, the amount of the penalty is 15 per cent. of the VAT saving (as determined under sub-paragraph (3)). (3) For this purpose the VAT saving is— (a) to the extent that the case falls within paragraph 6(1)(a), the aggregate of— (i) the amount by which the amount of VAT that would, but for the scheme, have been shown in returns in respect of the relevant periods as payable by the taxable person exceeds the amount of VAT that was shown in those returns as payable by him, and (ii) the amount by which the amount of VAT that was shown in such returns as payable to the taxable person exceeds the amount of VAT that would, but for the scheme, have been shown in those returns as payable to him, ... (b) to the extent that the case falls within paragraph 6(1)(b), the amount by which the amount claimed exceeds the amount which the taxable person would, but for the scheme, have claimed , and (c) to the extent that— (i) the case falls within paragraph 6(1)(c), and (ii) the excess of the notional non-deductible tax of the taxable person for the relevant periods over his non-deductible tax for those periods is not represented by a corresponding amount which by virtue of paragraph (a) or (b) is part of the VAT saving, the amount of the excess. (4) In sub-paragraph (3)(a) and (c) “ the relevant periods ” means the prescribed accounting periods beginning with that in respect of which the duty to comply with paragraph 6 first arose and ending with the earlier of the following— (a) the prescribed accounting period in which the taxable person complied with that paragraph, and (b) the prescribed accounting period immediately preceding the notification by the Commissioners of the penalty assessment. (5) In sub-paragraph (3)(c), “ notional non-deductible tax ”, in relation to a taxable person, means the amount that would, but for the scheme, have been the amount of his non-deductible tax.