SCHEDULES

SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures

PART 5General

Consequential amendments etc

I120

1

In section 103ZA to TMA 1970 (disapplication of sections 100 to 103 in case of certain penalties), omit the “or” at the end of paragraph (h), and at the end insert

, or

j

Schedule 22 to the Finance Act 2016 (asset-based penalty)

2

In section 107A of that Act (relevant trustees)—

a

in subsection (2)(a), after “Schedule 55 to the Finance Act 2009” insert “ or Schedule 22 to the Finance Act 2016 ”;

b

after subsection (3)(a) insert—

aa

in relation to a penalty under Schedule 22 to the Finance Act 2016, or to interest under section 101 of the Finance Act 2009 on such a penalty, the time when the relevant act or omission occurred;

c

in the words after paragraph (c), after “paragraph” insert “ (aa) and ”.

3

In Schedule 24 to FA 2007 (penalties for errors), in paragraph 12 (interaction with other penalties etc), in sub-paragraph (2A) at the end insert “ or Schedule 22 to FA 2016 (asset-based penalty) ”.

4

In Schedule 41 to FA 2008 (penalties for failure to notify), in paragraph 15 (interaction with other penalties etc), in sub-paragraph (1A) at the end insert “ or Schedule 22 to FA 2016 (asset-based penalty). ”

5

In Schedule 55 to FA 2009 (penalty for failure to make return etc), in paragraph 17 (interaction with other penalties etc), in sub-paragraph (2), at the end insert

, or

d

a penalty under Schedule 22 to FA 2016 (asset-based penalty).