Paragraph 50 Multiple tax-geared penalties in respect of same accounting periodF4

United Kingdom

(1)

This paragraph applies where a person incurs more than one penalty in respect of multinational top-up tax F1whose amount falls to be determined by reference to the tax payable in relation to the same accounting period.

(2)

The amount of each penalty after the first is to be reduced so that the total amount of all such penalties F2, so far as determined by reference to any particular part of the tax, in the period does not exceed the greatest amount incurred for any such penalty F3(so far as so determined).

Annotations

Textual amendments

F1: Words in Sch. 14 para. 50(1) substituted (with effect in accordance with Sch. 8 para. 53(5)-(13) of the amending Act) by Finance Act 2026 (c. 11), Sch. 8 paras. 49(b)(i), 53(5)-(13)
F2: Words in Sch. 14 para. 50(2) inserted (with effect in accordance with Sch. 8 para. 53(5)-(13) of the amending Act) by Finance Act 2026 (c. 11), Sch. 8 paras. 49(b)(ii), 53(5)-(13)
F3: Words in Sch. 14 para. 50(2) inserted (with effect in accordance with Sch. 8 para. 53(5)-(13) of the amending Act) by Finance Act 2026 (c. 11), Sch. 8 paras. 49(b)(iii), 53(5)-(13)
F4: Word in Sch. 14 para. 50 cross-heading inserted (with effect in accordance with Sch. 8 para. 53(5)-(13) of the amending Act) by Finance Act 2026 (c. 11), Sch. 8 paras. 49(a), 53(5)-(13)