Section 49FA | Effect of conclusions of review: penalties under Schedule 24 to FA 2021

(1)If the conclusions of a review include conclusions reached by virtue of section 49EA and the conclusions of the review are final, sub-paragraphs (4) and (5) of paragraph 24 of Schedule 24 to the Finance Act 2021 apply but with the following modifications—

(a)references to the appeal under paragraph 22(b) of that Schedule are to be read as references to the review under section 49B or 49C (as the case may be),

(b)references to the tribunal are to be read as references to HMRC, and

(c)references to cancelling a decision are to be read as references to concluding that HMRC's view is to be cancelled.

(2)For the purposes of subsection (1) the conclusions of a review are to be treated as final only if the post-review period has ended and the appellant did not notify the appeal to the tribunal within that period.

(3)In subsection (2) “post-review period” has the same meaning as in section 49G (see subsection (5) of that section).