Modifications etc. (not altering text)
C1Pt. 4 applied (with modifications) by 1992 c. 7 (N.I.), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)
C2Pt. 4 applied (with modifications) by 1992 c. 4, s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)
C3Pt. 4 applied (with modifications) (retrospective) by 1970 c. 9, s. 12ABZAA(4) (as inserted (17.7.2014) by 2020 c. 14, s. 104(1)(2) (with s. 104(3)))
(1)The penalty under section 208 is 50% of the value of the denied advantage.
(2)Schedule 30 contains provision about how the denied advantage is valued for the purposes of calculating penalties under this section.
(3)Where P before the specified time—
(a)amends a return or claim to counteract part of the denied advantage only, or
(b)takes all necessary action to enter into an agreement with HMRC (in writing) for the purposes of relinquishing part of the denied advantage only,
in subsections (1) and (2) the references to the denied advantage are to be read as references to the remainder of the denied advantage.