Finance Act 2013 (c. 29)

SCHEDULES

[F1 SCHEDULE 43C U.K. Penalty under section 212A [F2 or 212B]: supplementary provision

Textual Amendments

F1 Sch. 43C inserted (15.9.2016) (with effect in accordance with s. 158(15) of the amending Act) by Finance Act 2016 (c. 24), s. 158(3)

F2 Words in Sch. 43C heading inserted (with effect in accordance with s. 124(2) of the amending Act) by Finance Act 2021 (c. 26), Sch. 32 para. 13(2)

Value of counteracted advantage: deferred tax U.K.

4 (1) To the extent that the tax advantage mentioned in section 212A [F3 or 212B (as the case may be)] is a deferral of tax, the value of the counteracted advantage is— U.K.

(a) 25% of the amount of the deferred tax for each year of the deferral, or

(b) a percentage of the amount of the deferred tax, for each separate period of deferral of less than a year, equating to 25% per year,

or, if less, 100% of the amount of the deferred tax.

(2) This paragraph does not apply to a case to the extent that paragraph 3 applies.]

Textual Amendments

F3 Words in Sch. 43C para. 4(1) inserted (with effect in accordance with s. 124(2) of the amending Act) by Finance Act 2021 (c. 26), Sch. 32 para. 13(6)