Finance Act 2016

Meaning of “the counteracted advantage” in paragraphs 33 and 34

35 (1) In paragraphs 33 and 34 “the counteracted advantage” means—

(a) in relation to a relevant defeat incurred by virtue of Condition A, the tax advantage mentioned in paragraph 12(1)(b);

(b) in relation to a relevant defeat incurred by virtue of Condition B, the denied advantage in relation to which the action mentioned in paragraph 13(1) is taken;

(c) in relation to a relevant defeat incurred by virtue of Condition C, means any tax advantage in respect of which the counteraction mentioned in paragraph 14(1)(c) is made.

(2) In sub-paragraph (1)(c) “counteraction” is to be interpreted in accordance with paragraph 14(5).