Finance Act 2016 (c. 24)

SCHEDULES

SCHEDULE 22 U.K. Asset-based penalty for offshore inaccuracies and failures

PART 2 U.K. Amount of penalty

Special reduction U.K.

9 (1) If HMRC think it right because of special circumstances, they may reduce the standard amount of the asset-based penalty. U.K.

(2) In sub-paragraph (1) “special circumstances” does not include—

(a) ability to pay, or

(b) the fact that a potential loss of revenue from one taxpayer is balanced by a potential over-payment by another.

(3) In sub-paragraph (1) the reference to reducing a penalty includes a reference to—

(a) staying a penalty, and

(b) agreeing a compromise in relation to proceedings for a penalty.

Commencement Information

I1 Sch. 22 para. 9 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)