Section 129 | Two or more tax-geared penalties in respect of same tax.

(1)After section 97 of the Taxes Management Act 1970 there shall be inserted—

97ATwo or more tax-geared penalties in respect of same tax.

(a)are incurred by any person and fall to be determined by reference to any income tax or capital gains tax with which he is chargeable for a year of assessment; or

(b)are incurred by any company and fall to be determined by reference to any corporation tax with which it is chargeable for an accounting period,

(2)Section 97A(a) of that Act has effect with respect to the year1988-89 or any subsequent year of assessment; and section 97A(b) has effect with respect to accounting periods ending after 31st March 1989.