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Finance Act 2021

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Changes over time for: Paragraph 3

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There are currently no known outstanding effects for the Finance Act 2021, Paragraph 3. Help about Changes to Legislation

3(1)Section 209 (amount of a section 208 penalty) is amended as follows.U.K.

(2)In the heading, after “208” insert “ or 208A ”.

(3)In subsection (1), for “50%” substitute “ 30% ”.

(4)After subsection (1) insert—

(1A)The penalty under section 208A is 20% of the value of the denied advantage.

(5)In subsection (3)—

(a)in the words before paragraph (a), for “specified time” substitute “ relevant time ”;

(b)in the words after paragraph (b), after “(1)” insert “ , (1A) ”.

(6)After subsection (3) insert—

(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)).

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