123 Penalties for enablers of defeated tax avoidance
Finance Act 2021 (2021 c 26) | Legislation

123  Penalties for enablers of defeated tax avoidance

(1)     Schedule 16 to F(No 2)A 2017 (penalties for enablers of defeated tax avoidance) is amended as follows.

(2)     In paragraph 21 (special provision about assessment for multi-user schemes)—

(a)     in sub-paragraph (1)(c), for “, the required percentage of relevant defeats has not been reached” substitute “(other than a tribunal or court defeat), neither condition 1 nor condition 2 has been met”;

(b)     in sub-paragraph (2), for “the required percentage of relevant defeats is reached” substitute “condition 1 or condition 2 is met”;

(c)     after sub-paragraph (2) insert—

“(2A)     Condition 1 is that a defeat that is a tribunal or court defeat is incurred in the case of at least one of the number of related arrangements implementing the proposal.

(2B)     Condition 2 is that the required number or percentage of relevant defeats is reached.

(2C)     For the purposes of this paragraph, a defeat incurred in respect of arrangements is a “tribunal or court defeat” if—

(a)     condition A (in paragraph 5) is met and the adjustments mentioned in paragraph 5(2) have been confirmed by a tribunal or court, or

(b)     condition B (in paragraph 6) is met and the assessment mentioned

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Serving outside the jurisdiction with court permission—application and order

This Practice Note addresses issues when serving out of the jurisdiction and the permission of the court is required. It explains how to make an application and the form of order required. An application to serve out of the jurisdiction is generally made without notice and on the papers. Key

LEXISNEXIS

Repudiation

RepudiationThis Practice Note concerns repudiation and sets out what a repudiatory breach of contract means. It explains how a repudiatory breach goes to the core of the contract and the options or remedies available to an innocent party as a result of the other party’s repudiation, which include

LEXISNEXIS

Liquidated damages in construction contracts

Liquidated damages in construction contractsThis Practice Note explains what liquidated and ascertained damages (LADs/LDs) are and their purpose in a building contract. It considers the difference between liquidated damages and general (or unliquidated) damages and looks at the enforceability of

LEXISNEXIS

Money laundering offences—tipping off and prejudicing an investigation

Money laundering offences—tipping off and prejudicing an investigationTipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities