PART 10Tax avoidance and evasion

Offshore activities

165Asset-based penalties for offshore inaccuracies and failures

1

Schedule 22 contains provision imposing asset-based penalties on certain taxpayers who have been charged a penalty for deliberate offshore inaccuracies and failures.

2

That Schedule comes into force on such day as the Treasury may by regulations made by statutory instrument appoint.

3

Regulations under subsection (2) may—

a

commence a provision generally or only for specified purposes,

b

appoint different days for different provisions or for different purposes, and

c

make supplemental, incidental and transitional provision.