Textual Amendments
F1 SeeFinance Act 1966 s.27andSch.6 para.23(7)—regulations underFinance Act 1965 s.84(7)may apply any provisions ofFinance Act 1960 Part III (nowTaxes Management Act 1970 Part X)in relation to penalties underpara.23and recovery of relief underFinance Act 1965 s.84 (overspill relief),subject to modifications, etc. For regulations, seePart III Vol.5.).
Modifications etc. (not altering text)
C1Part X (ss. 93-107) applied (with modifications) (1.7.1992) by Social Security Contributions and Benefits Act 1992 (c. 4), ss. 16(1)(b), 177(4), Sch. 2
C2Part X (ss 93-107) applied (27.7.1993 with effect in relation to the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 122(2)(3)
Where two or more penalties—
(a)are incurred by any person and fall to be determined by reference to any income tax or capital gains tax with which he is chargeable for a year of assessment; or
(b)are incurred by any company and fall to be determined by reference to any corporation tax with which it is chargeable for an accounting period,
each penalty after the first shall be so reduced that the aggregate amount of the penalties, so far as determined by reference to any particular part of the tax, does not exceed whichever is or, but for this section, would be the greater or greatest of them, so far as so determined F2.]
Textual Amendments
F2Finance Act 1988 (c. 39, SIF 63:1,2) s. 129—s. 97A(a)to have effect for the year 1988-89 and subsequent years, and s. 97A(b) to have effect for accounting periods ending after 31st March 1989.