SCHEDULES
SCHEDULE 18Serial tax avoidance
PART 5Penalty
32Value of the counteracted advantage: basic rule for taxes other than VAT
1
In relation to a relevant defeat incurred by virtue of Condition A, B or C, the “value of the counteracted advantage” is—
a
in the case of a relevant defeat incurred by virtue of Condition A, the additional amount due or payable in respect of tax as a result of the counteraction mentioned in paragraph 12(1)(c);
b
in the case of a relevant defeat incurred by virtue of Condition B, the additional amount due or payable in respect of tax as a result of the action mentioned in paragraph 13(1);
c
in the case of a relevant defeat incurred by virtue of Condition C, the additional amount due or payable in respect of tax as a result of the counteraction mentioned in paragraph 14(1)(d).
2
The reference in sub-paragraph (1) to the additional amount due and payable includes a reference to—
a
an amount payable to HMRC having erroneously been paid by way of repayment of tax, and
b
an amount which would be repayable by HMRC if the counteraction mentioned in paragraph (a) or (c) of sub-paragraph (1) were not made or the action mentioned in paragraph (b) of that sub-paragraph were not taken (as the case may be).
3
The following are ignored in calculating the value of the counteracted advantage—
a
group relief, and
b
any relief under section 458 of CTA 2010 (relief in respect of repayment etc of loan) which is deferred under subsection (5) of that section.