Prospective
7(1)Paragraph 11 (amount of penalty) is amended as follows.E+W+S+N.I.
(2)In sub-paragraph (3)—
(a)omit the word “and” at the end of paragraph (a), and
(b)after paragraph (b) insert “, and
(c)to the extent that—
(i)the case falls within paragraph 6(1)(c), and
(ii)the excess of the notional non-deductible tax of the taxable person for the relevant periods over his non-deductible tax for those periods is not represented by a corresponding amount which by virtue of paragraph (a) or (b) is part of the VAT saving,
the amount of the excess.”
(3)In sub-paragraph (4), after “(3)(a)” insert “ and (c) ”.
(4)After sub-paragraph (4) insert—
“(5)In sub-paragraph (3)(c), “notional non-deductible tax”, in relation to a taxable person, means the amount that would, but for the scheme, have been the amount of his non-deductible tax.”