SCHEDULES

SCHEDULE 21U.K.Penalties relating to offshore matters and offshore transfers

Amendments to Schedule 24 to the Finance Act 2007 (c. 11)U.K.

2(1)Paragraph 9 (reductions for disclosure) is amended as follows.U.K.

(2)For sub-paragraph (A1) substitute—

(A1)Paragraph 10 provides for reductions in penalties—

(a)under paragraph 1 where a person discloses an inaccuracy that involves a domestic matter,

(b)under paragraph 1A where a person discloses a supply of false information or withholding of information, and

(c)under paragraph 2 where a person discloses a failure to disclose an under-assessment.

(A2)Paragraph 10A provides for reductions in penalties under paragraph 1 where a person discloses an inaccuracy that involves an offshore matter or an offshore transfer.

(A3)Sub-paragraph (1) applies where a person discloses—

(a)an inaccuracy that involves a domestic matter,

(b)a careless inaccuracy that involves an offshore matter,

(c)a supply of false information or withholding of information, or

(d)a failure to disclose an under-assessment.

(3)In sub-paragraph (1), in the words before paragraph (a), for the words from “an inaccuracy” to “under-assessment” substitute “ the matter ”.

(4)After sub-paragraph (1) insert—

(1A)Sub-paragraph (1B) applies where a person discloses—

(a)a deliberate inaccuracy (whether concealed or not) that involves an offshore matter, or

(b)an inaccuracy that involves an offshore transfer.

(1B)A person discloses the inaccuracy by—

(a)telling HMRC about it,

(b)giving HMRC reasonable help in quantifying the inaccuracy,

(c)allowing HMRC access to records for the purpose of ensuring that the inaccuracy is fully corrected, and

(d)providing HMRC with additional information.

(1C)The Treasury must make regulations setting out what is meant by “additional information” for the purposes of sub-paragraph (1B)(d).

(1D)Regulations under sub-paragraph (1C) are to be made by statutory instrument.

(1E)An instrument containing regulations under sub-paragraph (1C) is subject to annulment in pursuance of a resolution of the House of Commons.

(5)At the end insert—

(4)Paragraph 4A(4) to (5) applies to determine whether an inaccuracy involves an offshore matter, an offshore transfer or a domestic matter for the purposes of this paragraph.

Commencement Information

I1Sch. 21 para. 2(1)-(3) (5) in force at 1.4.2017 with effect in accordance with reg. 2 by S.I. 2017/259, reg. 2

I2Sch. 21 para. 2(4) in force at 8.3.2017 for specified purposes by S.I. 2017/259, reg. 3

I3Sch. 21 para. 2(4) in force at 1.4.2017 in so far as not already in force and with effect in accordance with reg. 2 of the commencing S.I. by S.I. 2017/259, reg. 2