C1PART 5General anti-abuse rule
Annotations:
Modifications etc. (not altering text)
212BF1Penalty: partnerships
1
This section applies if, in respect of a partnership—
a
the responsible partner has been given a notice under—
i
paragraph 12 of Schedule 43,
ii
paragraph 8 or 9 of Schedule 43A, or
iii
paragraph 8 of Schedule 43B,
stating that a tax advantage is to be counteracted, and
b
the tax advantage, so far as arising to a partner (P) in the partnership, has been counteracted by the making of adjustments under section 209.
2
P is liable to pay a penalty of an amount equal to 60% of the value of the counteracted tax advantage.
3
Schedule 43C—
a
gives the meaning of “the value of the counteracted tax advantage”, and
b
makes other provision in relation to penalties under this section.
4
For the meaning of “the responsible partner” see paragraph 2 of Schedule 43D.
Pt. 5 extended (with effect in accordance with s. 10(7) of the amending Act) by National Insurance Contributions Act 2014 (c. 7), s. 10(1) (with s. 10(7))