Finance Act 2014, Section 209 is up to date with all changes known to be in force on or before 02 March 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.
(1)The penalty under section 208 is [F230%] of the value of the denied advantage.
[F3(1A)The penalty under section 208A is 20% of the value of the denied advantage.]
(2)Schedule 30 contains provision about how the denied advantage is valued for the purposes of calculating penalties under this section.
(3)Where P before the [F4relevant time] —
(a)amends a return or claim to counteract part of the denied advantage only, or
(b)takes all necessary action to enter into an agreement with HMRC (in writing) for the purposes of relinquishing part of the denied advantage only,
in subsections (1) [F5, (1A)] and (2) the references to the denied advantage are to be read as references to the remainder of the denied advantage.
[F6(4)The “relevant time” means—
(a)in the case of a penalty under section 208, the specified time;
(b)in the case of a penalty under section 208A, the day after the end of the appeal period.
(5)“The appeal period” has the same meaning for the purposes of this section as it has for the purposes of section 208A (see section 208A(10) and (11)).]
Textual Amendments
F1Words in s. 209 heading inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(2)
F2Word in s. 209(1) substituted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(3)
F3S. 209(1A) inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(4)
F4Words in s. 209(3) substituted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(5)(a)
F5Words in s. 209(3) inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(5)(b)
F6S. 209(4)(5) inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 3(6)
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
