SCHEDULES
SCHEDULE 16Penalties for enablers of defeated tax avoidance
PART 5Amount of penalty
Reduction of penalty where other penalties incurred
17
1
The amount of a penalty for which a person is liable under paragraph 1 is to be reduced by the amount of any other penalty incurred by the person in respect of conduct for which the person is liable to the penalty under paragraph 1.
2
In this paragraph “any other penalty” means a penalty—
a
which is a penalty under a provision other than paragraph 1, and
b
which has been assessed.