Part 2 Other Amendments
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Part 2 Other Amendments

Penalties for errors: CIR alterations to be ignored in calculating potential lost revenue

26

(1)     Paragraph 5 of Schedule 24 to FA 2007 (penalties for errors: calculating potential lost revenue) is amended as follows.

(2)     In sub-paragraph (4), before paragraph (a) insert—

“(za)     any CIR alteration, other than a permitted reduction, in respect of the tax period to which the document relates,â€.

(3)     At the end insert—

“(5)     For the purposes of sub-paragraph (4)(za)—

(a)     a “CIR alteration†means an alteration made to an amount disallowed, or reactivated, under Part 10 of the Taxation (International and Other Provisions) Act 2010 as a result of the submission of a revised interest restriction return under paragraph 8(4) of Schedule 7A to that Act;

(b)     a CIR alteration is a “permitted

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