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SCHEDULES

SCHEDULE 20E+W+S+N.I.Penalties in connection with offshore matters and offshore transfers

Penalties for failure to notifyE+W+S+N.I.

11(1)Paragraph 6A (categorisation of failures) is amended as follows.E+W+S+N.I.

(2)For sub-paragraph (1) substitute—

(A1)A failure is in category 0 if—

(a)it involves a domestic matter,

(b)it involves an offshore matter or an offshore transfer, the territory in question is a category 0 territory and the tax at stake is income tax or capital gains tax, or

(c)it involves an offshore matter and the tax at stake is a tax other than income tax or capital gains tax.

(1)A failure is in category 1 if—

(a)it involves an offshore matter or an offshore transfer,

(b)the territory in question is a category 1 territory, and

(c)the tax at stake is income tax or capital gains tax.

(3)In sub-paragraph (2)(a), after “matter” insert “ or an offshore transfer ”.

(4)In sub-paragraph (3)(a), after “matter” insert “ or an offshore transfer ”.

(5)After sub-paragraph (4) insert—

(4A)A failure “involves an offshore transfer” if—

(a)it does not involve an offshore matter,

(b)it is deliberate (whether or not concealed) and results in a potential loss of revenue,

(c)the tax at stake is income tax or capital gains tax, and

(d)the applicable condition in paragraph 6AA is satisfied.

(6)In sub-paragraph (5), for the words following “revenue” substitute “ and does not involve either an offshore matter or an offshore transfer ”.

(7)In sub-paragraph (6)(a), after “matters” insert “ or transfers ”.

(8)Omit sub-paragraph (8).

(9)In sub-paragraph (9), after “paragraph” insert “ and paragraph 6AA ”.

Annotations:

Commencement Information

I1Sch. 20 para. 11(3)-(9) in force at 1.4.2016 and the amendments therein have effect in accordance with art. 4(2) of the commencing S.I. by S.I. 2016/456, art. 4(1)