PART 4 U.K.Follower notices and accelerated payments

Modifications etc. (not altering text)

C1 Pt. 4 applied (with modifications) by 1992 c. 7 (N.I.), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)

C2 Pt. 4 applied (with modifications) by 1992 c. 4, s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)

C3 Pt. 4 modified (12.4.2015) by National Insurance Contributions Act 2015 (c. 5), Sch. 2 Pt. 1 (with Sch. 2 paras. 33, 35)

C4 Pt. 4 applied (with modifications) by Social Security Contributions and Benefits Act 1992 (c. 4), s. 16(1)(d) (as inserted (12.4.2015) by National Insurance Contributions Act 2015 (c. 5), Sch. 2 para. 32)

C5 Pt. 4 applied (with modifications) (retrospective) by 1970 c. 9, s. 12ABZAA(4) (as inserted (17.7.2014) by 2020 c. 14, s. 104(1)(2) (with s. 104(3)))

CHAPTER 2 U.K.Follower notices

Penalties U.K.

209 Amount of a section 208 [F1 or 208A] penalty U.K.

(1) The penalty under section 208 is [F2 30%] of the value of the denied advantage.

[F3 (1A) The penalty under section 208A is 20% of the value of the denied advantage.]

(2) Schedule 30 contains provision about how the denied advantage is valued for the purposes of calculating penalties under this section.

(3) Where P before the [F4 relevant time] —

(a) amends a return or claim to counteract part of the denied advantage only, or

(b) takes all necessary action to enter into an agreement with HMRC (in writing) for the purposes of relinquishing part of the denied advantage only,

in subsections (1) [F5 , (1A)] and (2) the references to the denied advantage are to be read as references to the remainder of the denied advantage.

[F6 (4) The “relevant time” means—

(a) in the case of a penalty under section 208, the specified time;

(b) in the case of a penalty under section 208A, the day after the end of the appeal period.

(5) “The appeal period” has the same meaning for the purposes of this section as it has for the purposes of section 208A (see section 208A(10) and (11)).]

Textual Amendments

F1 Words in s. 209 heading inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(2)

F2 Word in s. 209(1) substituted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(3)

F3 S. 209(1A) inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(4)

F4 Words in s. 209(3) substituted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(5)(a)

F5 Words in s. 209(3) inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(5)(b)

F6 S. 209(4)(5) inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(6)