158 General anti-abuse rule: penalty
Finance Act 2016 (2016 c 24) | Legislation

158  General anti-abuse rule: penalty

(1)     Part 5 of FA 2013 (general anti-abuse rule) is amended as follows.

(2)     After section 212 insert—

“212ʱԲٲ

(1)     A person (P) is liable to pay a penalty if—

(a)     P has been given a notice under—

(i)     paragraph 12 of Schedule 43,

(ii)     paragraph 8 or 9 of Schedule 43A, or

(iii)     paragraph 8 of Schedule 43B,

stating that a tax advantage arising from particular tax arrangements is to be counteracted,

(b)     a tax document has been given to HMRC on the basis that the tax advantage arises to P from those arrangements,

(c)     that document was given to HMRC—

(i)     by P, or

(ii)     by another person in circumstances where P knew, or ought to have known, that the other person gave the document on the basis mentioned in paragraph (c), and

(d)     the tax advantage has been counteracted by the making of adjustments under section 209.

(2)     The penalty is 60% of the value of the counteracted advantage.

(3)     Schedule 43C—

(a)     gives the meaning of “the value of the counteracted advantage”, and

(b)     makes other provision in relation to penalties under this section.

(4)

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