No versions valid at: 19/07/2007
Point in time view as at 19/07/2007. This version of this cross heading contains provisions that are not valid for this point in time.
Finance Act 2007, Cross Heading: Special reduction is up to date with all changes known to be in force on or before 01 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.
Valid from 01/04/2008
11(1)If they think it right because of special circumstances, HMRC may reduce a penalty under paragraph 1 or 2.U.K.
(2)In sub-paragraph (1) “special circumstances” does not include—
(a)ability to pay, or
(b)the fact that a potential loss of revenue from one taxpayer is balanced by a potential over-payment by another.
(3)In sub-paragraph (1) the reference to reducing a penalty includes a reference to—
(a)staying a penalty, and
(b)agreeing a compromise in relation to proceedings for a penalty.
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