SCHEDULES
SCHEDULE 21Penalties relating to offshore matters and offshore transfers
Amendments to Schedule 55 to the Finance Act 2009 (c.10)
I112
After paragraph 15 insert—
15A
1
If a person who would otherwise be liable to a penalty of a percentage shown in column 1 of the Table (a “standard percentage”) has made a disclosure, HMRC must reduce the standard percentage to one that reflects the quality of the disclosure.
2
But the standard percentage may not be reduced to a percentage that is below the minimum shown for it—
a
in the case of a prompted disclosure, in column 2 of the Table, and
b
in the case of an unprompted disclosure, in column 3 of the Table.
Standard %
Minimum % for prompted disclosure
Minimum % for unprompted disclosure
70%
45%
30%
87.5%
53.75%
35%
100%
60%
40%
105%
62.5%
40%
125%
72.5%
50%
140%
80%
50%
150%
85%
55%
200%
110%
70%
3
But HMRC must not under this paragraph reduce a penalty below £300.