# Finance Act 2021, Paragraph 12


(1) In Schedule 31, paragraph 5 is amended as follows.
(2) In sub-paragraph (2)—
(a) in paragraph (a), for “20%” substitute “ 12% ”;
(b) after paragraph (a), insert—
“(aa) the total amount of the penalties under section 208A(3) for which the relevant partners are liable is 8% of the value of the denied advantage,”;
(c) in paragraph (b), after “the penalty” insert “ under section 208(2) or 208A(3) (as modified by this paragraph) ”.
(3) In sub-paragraph (5), after “penalties” insert “ under section 208(2) (as modified by this paragraph) ”.
(4) In sub-paragraph (6), after “paragraph 4(2)” insert “ or 4A ”.
(5) In sub-paragraph (7)(a), after “penalties” insert “ under section 208(2) ”.
(6) After sub-paragraph (9), insert—
“(9A) The right of appeal under section 214A extends to—
(a) a decision that penalties under section 208A(3) are payable by the relevant partners by virtue of this paragraph, and
(b) a decision as to the total amount of those penalties payable by those partners,
but not to a decision as to the appropriate share of, or the amount of a penalty payable by, a relevant partner.
(9B) Section 214A(3) applies to an appeal by virtue of sub-paragraph (9A)(a) as it applies to an appeal under section 214A(1).
(9C) Section 214A(5) applies to an appeal by virtue of sub-paragraph (9A)(a), and section 214A(6) to an appeal by virtue of sub-paragraph (9A)(b).”
(7) In sub-paragraph (11), after “(2)(a)” insert “ and (aa) ”.

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Source: https://www.legislation.gov.uk/ukpga/2021/26/schedule/28/paragraph/12 (the official version)
Page: https://openlegislation.uk/finance-act-2021/schedule-28/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.