Finance Act 2014 (c. 26)

SCHEDULES

SCHEDULE 30 U.K. Section 208 [F1 or 208A] penalty: value of the denied advantage

Textual Amendments

F1 Words in Sch. 30 heading inserted (with effect in accordance with Sch. 28 para. 15 of the amending Act) by Finance Act 2021 (c. 26), Sch. 28 para. 10

Value of denied advantage: normal rule U.K.

2 (1) The value of the denied advantage is the additional amount due or payable in respect of tax as a result of counteracting the denied advantage. U.K.

(2) The reference in sub-paragraph (1) to the additional amount due or payable includes a reference to—

(a) an amount payable to HMRC having erroneously been paid by way of repayment of tax, and

(b) an amount which would be repayable by HMRC if the denied advantage were not counteracted.

(3) The following are ignored in calculating the value of the denied advantage—

(a) group relief, and

(b) any relief under section 458 of CTA 2010 (relief in respect of repayment etc of loan) which is deferred under subsection (5) of that section.

(4) This paragraph is subject to paragraphs 3 and 4.