# Finance Act 2014, Section 210: Reduction of a section 208 penalty for co-operation

Extent: E+W+S+N.I.

(1) Where—
(a) P is liable to pay a penalty under section 208 of the amount specified in section 209(1),
(b) the penalty has not yet been assessed, and
(c) P has co-operated with HMRC,
HMRC may reduce the amount of that penalty to reflect the quality of that co-operation.
(2) In relation to co-operation, “quality” includes timing, nature and extent.
(3) P has co-operated with HMRC only if P has done one or more of the following—
(a) provided reasonable assistance to HMRC in quantifying the tax advantage;
(b) counteracted the denied advantage;
(c) provided HMRC with information enabling corrective action to be taken by HMRC;
(d) provided HMRC with information enabling HMRC to enter an agreement with P for the purpose of counteracting the denied advantage;
(e) allowed HMRC to access tax records for the purpose of ensuring that the denied advantage is fully counteracted.
(4) But nothing in this section permits HMRC to reduce a penalty to less than 10% of the value of the denied advantage.

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Source: https://www.legislation.gov.uk/ukpga/2014/26/section/210 (the official version)
Page: https://openlegislation.uk/finance-act-2014/section-210
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.