C1PART 5General anti-abuse rule

Annotations:
Modifications etc. (not altering text)
C1

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))

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.