2. Schedule 22 to the Finance Act 2016 (“Schedule 22”) (asset-based penalty for offshore inaccuracies and failures) comes into force as follows—
(a)paragraph 8 of Schedule 22 comes into force on 8th March 2017 for the purpose of exercising any of the powers afforded by that paragraph to make the regulations described in paragraph 8(3);
(b)for all other purposes, Schedule 22 comes into force on 1st April 2017 and has effect—
(i)for inheritance tax purposes, in relation to transfers of value made on or after that day, and
(ii)for income tax and capital gains tax purposes, in relation to tax years(1) commencing on or after 6th April 2016.
Section 989 of the Income Tax Act 2007 (c. 3) defines “tax year” for the purposes of the Income Tax Acts; Schedule 1 to the Interpretation Act 1978 (c. 30) defines “the Income Tax Acts”.