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)).