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Finance Act 2016, Cross Heading: Penalty for non-compliance with requirements of paragraph 19 is up to date with all changes known to be in force on or before 23 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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21(1)This paragraph applies where paragraph 19 requires a sub-group tax strategy to be published for a UK sub-group in any financial year of the head of the sub-group.U.K.
(2)The head of the sub-group is liable to a penalty of £7,500 if—
(a)there is a failure to publish a sub-group tax strategy for the sub-group that complies with paragraph 19(2), or
(b)where a sub-group tax strategy has been published, there is a failure to comply with paragraph 19(5).
(3)Subject to sub-paragraph (5), the head of the sub-group is only liable to one penalty by virtue of sub-paragraph (2) in respect of a sub-group tax strategy required for the financial year in question.
(4)Sub-paragraph (5) applies where—
(a)the head of the sub-group is liable to a penalty under this paragraph in respect of a failure mentioned in sub-paragraph (2)(a), and
(b)no sub-group tax strategy for the sub-group that complies with paragraph 19(2) (disregarding paragraph 19(3)) is published within the period of 6 months after the last day on which the duty under paragraph 19(2) could have been complied with.
(5)At the end of that period, the head of the sub-group is liable—
(a)to a further penalty of £7,500, and
(b)where the failure mentioned in sub-paragraph (4)(b) continues, to a further penalty of £7,500 at the end of each subsequent month in which no such sub-group tax strategy is published.
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