C2C1C3C4C5PART 4Follower notices and accelerated payments

Annotations:
Modifications etc. (not altering text)
C2

Pt. 4 applied (with modifications) by 1992 c. 7 (N.I.), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)

C1

Pt. 4 applied (with modifications) by 1992 c. 4, s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)

C5

Pt. 4 applied (with modifications) (retrospective) by 1970 c. 9, s. 12ABZAA(4) (as inserted (17.7.2014) by 2020 c. 14, s. 104(1)(2) (with s. 104(3)))

CHAPTER 2Follower notices

Penalties

210Reduction of a section 208 penalty for co-operation

1

Where—

a

P is liable to pay a penalty under section 208 of the amount specified in section 209(1),

b

the penalty has not yet been assessed, and

c

P has co-operated with HMRC,

HMRC may reduce the amount of that penalty to reflect the quality of that co-operation.

2

In relation to co-operation, “quality” includes timing, nature and extent.

3

P has co-operated with HMRC only if P has done one or more of the following—

a

provided reasonable assistance to HMRC in quantifying the tax advantage;

b

counteracted the denied advantage;

c

provided HMRC with information enabling corrective action to be taken by HMRC;

d

provided HMRC with information enabling HMRC to enter an agreement with P for the purpose of counteracting the denied advantage;

e

allowed HMRC to access tax records for the purpose of ensuring that the denied advantage is fully counteracted.

4

But nothing in this section permits HMRC to reduce a penalty to less than 10% of the value of the denied advantage.