Textual Amendments
F1Words in Sch. 24 para. 12 cross-heading inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 11(4); S.I. 2009/571, art. 2
12(1)The final entry in the Table in paragraph 1 excludes a document in respect of which a penalty is payable under section 98 of TMA 1970 (special returns).U.K.
(2)The amount of a penalty for which P is liable under paragraph 1 or 2 in respect of a document relating to a tax period shall be reduced by the amount of any other penalty [F2incurred by P, or any surcharge for late payment of tax imposed on P, if the amount of the penalty or surcharge is determined by reference to the same tax liability.]
[F3(2A)In sub-paragraph (2) “any other penalty” does not include a penalty under Part 4 of FA 2014 (penalty where corrective action not taken after follower notice etc) [F4or Schedule 22 to FA 2016 (asset-based penalty)].]
(3)In the application of section 97A of TMA 1970 (multiple penalties) no account shall be taken of a penalty under paragraph 1 or 2.
[F5(4)Where penalties are imposed under paragraphs 1 and 1A in respect of the same inaccuracy, the aggregate of the amounts of the penalties must not exceed the relevant percentage of the potential lost revenue.
(5)The relevant percentage is—
(a)if the penalty imposed under paragraph 1 is for an inaccuracy in category 1, 100%,
(b)if the penalty imposed under paragraph 1 is for an inaccuracy in category 2, 150%, and
(c)if the penalty imposed under paragraph 1 is for an inaccuracy in category 3, 200%.]
Textual Amendments
F2Words in Sch. 24 para. 12(2) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 11(2); S.I. 2009/571, art. 2
F3Sch. 24 para. 12(2A) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 33 para. 3
F4Words in Sch. 24 para. 12(2A) inserted (with effect in accordance with reg. 2(b) of the commencing S.I.) by Finance Act 2016 (c. 24), s. 165(2), Sch. 22 para. 20(3); S.I. 2017/277, reg. 2(b)
F5Sch. 24 para. 12(4)(5) substituted for Sch. 24 para. 12(4) (6.4.2011) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 4; S.I. 2011/975, art. 2(1) (with art. 3)
Modifications etc. (not altering text)
C1Sch. 24 para. 12(2) modified (1.1.2023 for specified purposes) by Finance Act 2021 (c. 26), s. 117(2), Sch. 26 para. 15(b); S.I. 2022/1278, reg. 2(2)
C2Sch. 24 para. 12(2) modified (1.1.2023 for specified purposes, 6.4.2024 for specified purposes) by Finance Act 2021 (c. 26), s. 117(2), Sch. 26 para. 15(b); S.I. 2022/1278, reg. 2(2); S.I. 2024/440, reg. 2(2)
Commencement Information
I1Sch. 24 para. 12 in force at 1.4.2008 for certain purposes, 1.7.2008 for certain purposes, 1.1.2009 for certain purposes, and 1.4.2009 in so far as not already in force by S.I. 2008/568, art. 2 (with art. 3)
