17(1)Where P is liable for a penalty under any paragraph of this Schedule which is determined by reference to a liability to tax, the amount of that penalty is to be reduced by the amount of any other penalty incurred by P, if the amount of the penalty is determined by reference to the same liability to tax.U.K.
(2)In sub-paragraph (1) the reference to “any other penalty” does not include—
(a)a penalty under any other paragraph of this Schedule, or
(b)a penalty under Schedule 56 (penalty for late payment of tax).
(3)Where P is liable for a penalty under more than one paragraph of this Schedule which is determined by reference to a liability to tax, the aggregate of the amounts of those penalties must not exceed [F1100%] [F1the relevant percentage] of the liability to tax.
[F2(4)The relevant percentage is—
(a)if one of the penalties is a penalty under paragraph 6(3) or (4) and the information withheld is category 3 information, 200%,
(b)if one of the penalties is a penalty under paragraph 6(3) or (4) and the information withheld is category 2 information, 150%, and
(c)in all other cases, 100%.]
Textual Amendments
F1Words in Sch. 55 para. 17(3) substituted (6.4.2011 for specified purposes) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 14(a); S.I. 2011/975, art. 2(2) (with art. 5)
F2Sch. 55 para. 17(4) inserted (6.4.2011 for specified purposes) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 14(b); S.I. 2011/975, art. 2(2) (with art. 5)
Commencement Information
I1Sch. 55 para. 17 in force at 1.4.2011 for specified purposes and 6.4.2011 for specified purposes by S.I. 2011/702, art. 2 (with art. 1(2))
I2Sch. 55 para. 17 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(b) (with art. 3(1)(2))