Part 5 Penalty
Finance Act 2016 (2016 c 24) | Legislation

Part 5 Penalty

Penalty

30

(1)     A person is liable to pay a penalty if the person incurs a relevant defeat in relation to any arrangements which the person has used in a warning period.

(2)     The penalty is 20% of the value of the counteracted advantage if neither sub-paragraph (3) nor sub-paragraph (4) applies.

(3)     The penalty is 40% of the value of the counteracted advantage if before the relevant defeat is incurred the person has been given, or become liable to be given, one (but not more than one) relevant prior warning notice.

(4)     The penalty is 60% of the value of the counteracted advantage if before the current defeat is incurred the person has been given, or become liable to be given, two or more relevant prior warning notices.

(5)     In this paragraph “relevant prior warning notice†means a warning notice in relation to the defeat of arrangements which the person has used in the warning period mentioned in sub-paragraph (1).

(6)     For the meaning of “the value of the counteracted advantage†see paragraphs 32 to 37.

Simultaneous defeats etc

31

(1)     If a person incurs simultaneously two or more relevant defeats in relation to different

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