SCHEDULES

SCHEDULE 28Follower notice penalties

PART 1Amendment of Chapter 2 of Part 4 of FA 2014

Amount of a section 208 or 208A penalty

3

1

Section 209 (amount of a section 208 penalty) is amended as follows.

2

In the heading, after “208” insert “ or 208A ”.

3

In subsection (1), for “50%” substitute “ 30% ”.

4

After subsection (1) insert—

1A

The penalty under section 208A is 20% of the value of the denied advantage.

5

In subsection (3)—

a

in the words before paragraph (a), for “specified time” substitute “ relevant time ”;

b

in the words after paragraph (b), after “(1)” insert “ , (1A) ”.

6

After subsection (3) insert—

4

The “relevant time” means—

a

in the case of a penalty under section 208, the specified time;

b

in the case of a penalty under section 208A, the day after the end of the appeal period.

5

“The appeal period” has the same meaning for the purposes of this section as it has for the purposes of section 208A (see section 208A(10) and (11)).