Paragraph 41 F1
In assessing the amount of a specified penalty (including considering whether an amount is inappropriately low under paragraph 39(3)), an authorised officer must have regard to all relevant considerations, including—
the desirability of the penalty being set at a level which appears appropriate for deterring the person, or other persons, from similar failures to comply on future occasions;
the amount of any fees received, or likely to have been received, by the person in connection with the proposal or arrangements concerned;
in the case of a person entering into the arrangements, the amount of any advantage gained, or sought to be gained, by that person.
In this paragraph—
“authorised officer” means an officer of Revenue and Customs authorised by HMRC for the purposes of this paragraph;
a “specified penalty” is a penalty under paragraph 39 that is imposed in relation to a person’s failure to comply with a duty imposed by paragraph 11(1), 12(1), 17(2), 18(2), 19 or 22C.
Annotations
Textual amendments
- F1
Sch. 17 paras. 39-42 substituted for Sch. 17 paras. 39-44 (18.3.2026) by Finance Act 2026 (c. 11), s. 216(3)(b) (with s. 219)
Notes on Schedule 17
Modifications
- C1
Sch. 17 modified (17.12.2020 for specified purposes, 31.12.2020 in so far as not already in force) by 1994 c. 23, Sch. 9ZA para. 80 (as inserted by Taxation (Post-transition Period) Act 2020 (c. 26), s. 11(1)(e), Sch. 2 para. 2 (with s. 3(4), Sch. 2 para. 7(7)-(10)); S.I. 2020/1642, reg. 9)
Notes on Penalty for failure to comply with duties under Part 1 ...
Textual amendments
- F1
Words in Sch. 17 para. 39 cross-heading omitted (18.3.2026) by virtue of Finance Act 2026 (c. 11), s. 216(3)(a) (with s. 219)