[F132(1)A company (“C”) is liable to a penalty if—U.K.
(a)another company submits an interest restriction return for a period of account of a worldwide group,
(b)there is an inaccuracy in the return which meets condition A or B in paragraph 30, and
(c)the inaccuracy was attributable to C deliberately supplying false information to the other company, or to C deliberately withholding information from the other company, with the intention of the return containing the inaccuracy.
(2)A penalty is payable under this paragraph in respect of an inaccuracy whether or not the other company is liable to a penalty under paragraph 30 in respect of the same inaccuracy.
(3)A penalty payable under this paragraph is equal to the notional tax.]
Textual Amendments
F1Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)