Finance Act 2021

Interaction with other penalties

10 (1) This paragraph applies where—

(a) a person is liable to a penalty under this Schedule in respect of a failure, and

(b) the amount of the penalty is the amount in paragraph 3(3)(a) or 3(5)(a).

(2) The amount of that penalty is to be reduced by the amount of any other penalty incurred by the person, the amount of which is determined by reference to the same liability to tax.

(3) In sub-paragraph (2), the reference to “any other penalty” does not include—

(a) a penalty under Schedule 26 (penalties for failure to pay tax),

(b) a penalty under Schedule 56 to FA 2009 (penalty for late payment of tax), or

(c) a penalty under Part 4 of FA 2014 (penalty where corrective action not taken after follower notice etc.).