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Finance Act 2008
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- UK Public General Acts
- 2008 c. 9
- SCHEDULE 40
- Paragraph 11
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Finance Act 2008, Paragraph 11 is up to date with all changes known to be in force on or before 12 February 2025. 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.
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Changes and effects yet to be applied to Schedule 40 Paragraph 11:
- Sch. 41 para. 6(1A) inserted by 2015 c. 11 Sch. 20 para. 10(2)
- Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by 2015 c. 11 Sch. 20 para. 11(2)
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):
- Sch. 41 para. 6(1A) inserted by 2015 c. 11 Sch. 20 para. 10(2)
- Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by 2015 c. 11 Sch. 20 para. 11(2)
11(1)Paragraph 12 (interaction with other penalties) is amended as follows.U.K.
(2)In sub-paragraph (2), for the words after “other penalty” substitute “ incurred 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. ”
(3)After sub-paragraph (3) insert—
“(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 100% of the potential lost revenue.”
(4)In the heading before paragraph 12, insert at the end “ and late payment surcharges ”.
Commencement Information
I1Sch. 40 para. 11 in force at 1.4.2009 by S.I. 2009/571, art. 2
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