Valid from 08/03/2017
Valid from 01/04/2017
19(1)In this Schedule—U.K.
“asset” has the same meaning as in TCGA 1992 (but also includes currency in sterling);
“asset-based income tax” has the meaning given in paragraph 2(7);
“HMRC” means Her Majesty's Revenue and Customs;
“investigation period” has the meaning given in paragraph 6(4);
“offshore PLR” has the meaning given in paragraph 5;
“standard amount of the asset-based penalty” has the meaning given in paragraph 7;
“standard offshore tax penalty” has the meaning given in paragraph 2.
(2)Terms used in relation to a penalty imposed under Schedule 24 to FA 2007, Schedule 41 to FA 2008 or Schedule 55 to FA 2009 have the same meaning as in the Schedule under which the penalty was imposed.
(3)References in this Schedule to capital gains tax do not include capital gains tax payable by companies in respect of chargeable gains accruing to them to the extent that those gains are NRCGT gains in respect of which the companies are chargeable to capital gains tax under section 14D or 188D of TCGA 1992 (see section 1(2A)(b) of that Act).