208 Penalty if corrective action not taken in response to follower notice
Finance Act 2014 (2014 c 26) | Legislation

Penalties

208  Penalty if corrective action not taken in response to follower notice

(1)     This section applies where a follower notice is given to P (and not withdrawn).

(2)     P is liable to pay a penalty if the necessary corrective action is not taken in respect of the denied advantage (if any) before the specified time.

(3)     In this Chapter “the denied advantage” means so much of the asserted advantage (see section 204(3)) as is denied by the application of the principles laid down, or reasoning given, in the judicial ruling identified in the follower notice under section 206(a).

(4)     The necessary corrective action is taken in respect of the denied advantage if (and only if) P takes the steps set out in subsections (5) and (6).

(5)     The first step

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