[SCHEDULE 43C Penalty under section 212A [or 212B]: Supplementary Provision]
Finance Act 2013 (2013 c 29) | Legislation

[SCHEDULE 43C Penalty under section 212A [or 212B]

[Section 212A]

[Value of the counteracted advantage: introduction

1

Paragraphs 2 to 4 set out how to calculate the “value of the counteracted advantage†for the purposes of [sections 212A and 212B].

Value of the counteracted advantage: basic rule

2

[(1)     The “value of the counteracted tax advantage†is—

(a)     for a penalty under section 212A, the additional amount due or payable in respect of tax as a result of the counteraction mentioned in subsection (1)(d) of that section, and

(b)     for a penalty under section 212B, the additional amount due or payable in respect of tax (by the partner in question) as a result of the counteraction mentioned in subsection (1)(b) of that section.]

(2)     The reference in sub-paragraph (1) to the additional amount due and payable includes a reference to—

(a)     an amount payable to HMRC having erroneously been paid by way of repayment of tax, and

(b)     an amount which would be repayable by HMRC if the counteraction were not made.

(3)     The following are ignored in calculating the value of the counteracted advantage—

(a)     group relief, and

(b)     any relief under section

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Repudiation

RepudiationThis Practice Note concerns repudiation and sets out what a repudiatory breach of contract means. It explains how a repudiatory breach goes to the core of the contract and the options or remedies available to an innocent party as a result of the other party’s repudiation, which include

LEXISNEXIS

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general

LEXISNEXIS

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over

LEXISNEXIS

Possession with intent to supply

Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA