SCHEDULES

SCHEDULE 16 U.K. Penalties for enablers of defeated tax avoidance

PART 5 U.K. Amount of penalty

Reduction of penalty where other penalties incurred U.K.

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. U.K.

(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.