- Deddfwriaeth Ddrafft
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Penalties, Offshore Income etc. (Designation of Territories) Order 2011 No. 976
(This note is not part of the Order)
This Order designates certain territories as category 1 territories or as category 3 territories for the purposes of Schedule 24 to the Finance Act 2007 (c. 11), as amended by Schedule 10 to the Finance Act 2010 (c. 13).
Schedule 10 to the Finance Act 2010 amends the level of penalties that may be charged in cases of non-compliance with UK income tax and capital gains tax obligations with respect to offshore income, gains and assets.
New paragraphs 4 and 4A of Schedule 24, inserted by paragraph 2 of Schedule 10, provide that every inaccuracy falls into one of three categories. The changes made by paragraphs 3 and 4 of Schedule 10 mean that existing penalty levels will apply to category 1 inaccuracies (which includes all domestic inaccuracies and inaccuracies relating to taxes other than income tax and capital gains tax). However, inaccuracies in category 2 and 3 are increased by factors of 1.5 and 2 respectively.
The categories of inaccuracies are defined by reference to whether the territory, to which the inaccuracy in connection with offshore income, gains or assets relates, is a category 1 territory, a category 2 territory or a category 3 territory. Every territory in the world, other than the UK, falls into one of these categories. Paragraph 21A of Schedule 24 to the Finance Act 2007 (inserted by paragraph 5 of Schedule 10 to the Finance Act 2010) provides for this classification of territories. Territories falling into category 1 and 3 are listed in this Order and any territory, other than the UK, not listed in category 1 or category 3 falls by default into category 2.
Paragraph 21A of Schedule 24 also has effect for the purposes of Schedule 41 to the Finance Act 2008 (c. 9) (penalties for failure to notify chargeability) and Schedule 55 to the Finance Act 2009 (c. 10) (the late filing of returns) (see paragraph 6A(7) of Schedule 41 to the Finance Act 2008 and paragraph 6A(7) of Schedule 55 to the Finance Act 2009, inserted by paragraphs 8 and 12, respectively, of Schedule 10 to the Finance Act 2010).
A full Impact Assessment has not been produced for this instrument as a negligible impact on the private and voluntary sectors is foreseen.
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Mae Memorandwm Esboniadol Drafft yn nodi datganiad byr o ddiben Offeryn Statudol Drafft ac yn rhoi gwybodaeth am ei amcan polisi a goblygiadau polisi. Eu nod yw gwneud yr Offeryn Statudol Drafft yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol, ac maent yn cyd-fynd ag unrhyw Offeryn Statudol neu Offeryn Statudol Drafft a gyflwynwyd yn fanwl gerbron y Senedd o Fehefin 2004 ymlaen.
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liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys