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Finance Act 2020

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Changes over time for: Cross Heading: Payments in respect of penalties

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There are currently no known outstanding effects for the Finance Act 2020, Cross Heading: Payments in respect of penalties. Help about Changes to Legislation

Payments in respect of penaltiesU.K.

60(1)This paragraph applies if—U.K.

(a)a person liable to a penalty under this Part of this Schedule has an agreement in relation to the penalty with one or more companies within the charge to corporation tax, and

(b)as a result of the agreement, the person receives a payment or payments in respect of the penalty that do not, in total, exceed the amount of the penalty.

(2)The payment—

(a)is not to be taken into account in calculating the profits for corporation tax purposes of either the person or the company making the payment, and

(b)is not to be regarded as a distribution for corporation tax purposes.

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