Related Commentary  

212B(1)  This section applies if, in respect of a partnership–

(a)the responsible partner has been given a notice under–

(i)paragraph 12 of Schedule 43,

(ii)paragraph 8 or 9 of Schedule 43A, or

(iii)paragraph 8 of Schedule 43B,

stating that a tax advantage is to be counteracted, and

(b)the tax advantage, so far as arising to a partner (P) in the partnership, has been counteracted by the making of adjustments under section 209.

212B(2)  P is liable to pay a penalty of an amount equal to 60% of the value of the counteracted tax advantage.

212B(3)  Schedule 43C

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