# Finance Act 2014, Paragraph 4


(1) To the extent that the denied advantage is a deferral of tax, the value of that advantage is—
(a) 25% of the amount of the deferred tax for each year of the deferral, or
(b) a percentage of the amount of the deferred tax, for each separate period of deferral of less than a year, equating to 25% per year,
or, if less, 100% of the amount of the deferred tax.
(2) This paragraph does not apply to a case to the extent that paragraph 3 applies.

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Source: https://www.legislation.gov.uk/ukpga/2014/26/schedule/30/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-2014/schedule-30/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.