Finance Act 2014, Cross Heading: Value of denied advantage: normal rule is up to date with all changes known to be in force on or before 18 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
2(1)The value of the denied advantage is the additional amount due or payable in respect of tax as a result of counteracting the denied advantage.U.K.
(2)The reference in sub-paragraph (1) to the additional amount due or payable includes a reference to—
(a)an amount payable to HMRC having erroneously been paid by way of repayment of tax, and
(b)an amount which would be repayable by HMRC if the denied advantage were not counteracted.
(3)The following are ignored in calculating the value of the denied advantage—
(a)group relief, and
(b)any relief under section 458 of CTA 2010 (relief in respect of repayment etc of loan) which is deferred under subsection (5) of that section.
(4)This paragraph is subject to paragraphs 3 and 4.
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