On 6 March 2017, HMRC published guidance confirming that penalties will be issued to each of the relevant partners of a partnership which has received a follower notice, where corrective action has not been taken on time.

Penalties will be up to 20% of the value of the denied advantage, with each partner liable for their appropriate share of the total amount. A penalty reduction is, however, available if the partnership cooperates with HMRC.

A copy of HMRC’s guidance can be found here