SCHEDULES
SCHEDULE 18Serial tax avoidance
PART 5Penalty
Value of counteracted advantage: deferred tax
34
(1)
To the extent that the counteracted advantage (see paragraph 35) is a deferral of tax (other than VAT), the value of that advantage is—
(a)
25% of the amount of the deferred tax for each year of the deferral, or
(b)
a percentage of the amount of the deferred tax, for each separate period of deferral of less than a year, equating to 25% per year,
or, if less, 100% of the amount of the deferred tax.
(2)
This paragraph does not apply to a case to the extent that paragraph 33 applies.