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Finance Act 2016

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This is the original version (as it was originally enacted).

Reduction of penalty for disclosure etc by P

8(1)This paragraph applies for the purposes of paragraph 7.

(2)P discloses a matter by—

(a)telling HMRC about it,

(b)giving HMRC reasonable help in relation to the matter (for example by quantifying an inaccuracy in a document, an inaccuracy attributable to the supply of false information or withholding of information or an under-assessment), and

(c)allowing HMRC access to records for any reasonable purpose connected with resolving the matter (for example for the purpose of ensuring that an inaccuracy in a document, an inaccuracy attributable to the supply of false information or withholding of information or an under-assessment is fully corrected).

(3)P assists HMRC in relation to an investigation leading to Q being charged with a relevant offence or found liable to a relevant penalty by—

(a)assisting or encouraging Q to disclose all relevant facts to HMRC,

(b)allowing HMRC access to records, or

(c)any other conduct which HMRC considers assisted them in investigating or assessing Q’s liability to such a penalty.

(4)Disclosure or assistance by P—

(a)is “unprompted” if made at a time when P has no reason to believe that HMRC have discovered or are about to discover Q’s offshore tax evasion or non-compliance (including any inaccuracy in a document, supply of false information or withholding of information, or under-assessment), and

(b)otherwise is “prompted”.

(5)In relation to disclosure or assistance, “quality” includes timing, nature and extent.

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