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Finance (No. 2) Act 2017

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PART 1 U.K.Liability to penalty

1U.K.Where—

(a)a person (“T”) has entered into abusive tax arrangements, and

(b)T incurs a defeat in respect of the arrangements,

a penalty is payable by each person who enabled the arrangements.

2(1)Parts 2 to 4 of this Schedule define—U.K.

  • “abusive tax arrangements”;

  • a “defeat in respect of the arrangements”;

  • a “person who enabled the arrangements”.

(2)The other Parts of this Schedule make provision supplementing paragraph 1 as follows—

(a)Part 5 makes provision about the amount of a penalty;

(b)Parts 6 to 8 provide for the assessment of penalties, referrals to the GAAR Advisory Panel and appeals against assessments;

(c)Part 9 applies information and inspection powers, and makes provision about declarations relating to legally privileged communications;

(d)Part 10 confers power to publish details of persons who have incurred penalties;

(e)Parts 11 and 12 contain miscellaneous and general provisions.

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