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Finance Act 2007
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Changes over time for: Paragraph 12
Changes to legislation:
Finance Act 2007, Paragraph 12 is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule 24 Paragraph 12:
- Sch. 24 para. 12(5)(a) word substituted by 2015 c. 11 Sch. 20 para. 6(b)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 993 modified by 2016 c. 24 s. 118(2)
- Sch. 24 para. 12(5)(za) inserted by 2015 c. 11 Sch. 20 para. 6(a)
- Sch. 24 para. 21A(A1) inserted by 2015 c. 11 Sch. 20 para. 7(2)
- Sch. 24 para. 4A(A1)(1) substituted for Sch. 24 para. 4A(1) by 2015 c. 11 Sch. 20 para. 3(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 [F1incurred 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.]
[F2(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) [F3or 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.
[F4(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
F1Words 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
F2Sch. 24 para. 12(2A) inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 33 para. 3
F3Words 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)
F4Sch. 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)
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