SCHEDULES
SCHEDULE 32The GAAR and partnerships
PART 2Minor and consequential amendments to Part 5 of FA 2013
13
1
Schedule 43C (penalty under section 212A: supplementary provision) is amended as follows.
2
In the heading after “212A” insert “
or 212B
”
.
3
In paragraph 1, for “section 212A” substitute “
sections 212A and 212B
”
4
In paragraph 2—
a
for sub-paragraph (1), substitute—
1
The “value of the counteracted tax advantage” is—
a
for a penalty under section 212A, the additional amount due or payable in respect of tax as a result of the counteraction mentioned in subsection (1)(d) of that section, and
b
for a penalty under section 212B, the additional amount due or payable in respect of tax (by the partner in question) as a result of the counteraction mentioned in subsection (1)(b) of that section.
b
for “section 212A(1)(c)” substitute “
section 212A(1)(d) or as result of the counteraction mentioned in 212B(1)(b) (as the case may be)
”
, and
c
in sub-paragraph (5), for “the”, in the second place it occurs, substitute “
a
”
.
5
In paragraph 3(1) omit “mentioned in section 212A(1)(b) (“the tax advantage”)”.
6
In paragraph 4(1), after “212A” insert “
or 212B (as the case may be)
”
.
7
In paragraph 5—
a
in sub-paragraph (1), after “212A” insert “
or 212B (as the case may be)
”
, and
b
in sub-paragraph (2), for paragraph (a) substitute—
a
notify—
i
where the penalty is under section 212A, the person who is liable for it;
ii
where the penalty is under section 212B, the person who is liable for it and the responsible partner.
c
in sub-paragraph (5), after “section 212A(1)(d)” insert “
or section 212B(1)(b) (as the case may be)
”
.
8
In paragraph 8—
a
in sub-paragraph (1)(b), after “212A” insert “
or 212B (as the case may be)
”
, and
b
in sub-paragraph (4), after “212A” insert “
or 212B
”
.
9
In paragraph 9—
a
in sub-paragraph (1)(a), after “212A” insert “
or 212B
”
, and
b
after sub-paragraph (1) insert—
1A
Where the penalty is under section 212B, an appeal against it must be brought by the responsible partner.
10
In paragraph 10(1), after section 212A insert “
or 212B
”
.