SCHEDULES
SCHEDULE 18Requirement to correct certain offshore tax non-compliance
PART 1Liability for penalty for failure to correct
8“Tax non-compliance”
1
“Tax non-compliance” means any of the following—
a
a failure to comply on or before the filing date with an obligation under section 7 of TMA 1970 to give notice of chargeability to income tax or capital gains tax,
b
a failure to comply on or before the filing date with an obligation to deliver to HMRC a return or other document which is listed in sub-paragraph (3), or
2
In sub-paragraph (1)—
a
“filing date”, in relation to a notice of chargeability or a return or other document, means the date by which it is required to be given, made or delivered to HMRC,
b
“loss” includes a charge, expense, deficit and any other amount which may be available for, or relied on to claim, a deduction or relief, and
c
“repayment of tax” includes a reference to allowing a credit against tax.
3
The documents relevant for the purposes of both of paragraphs (b) and (c) of sub-paragraph (1) are (so far as they relate to the tax or taxes shown in the first column)—
Tax to which document relates | Document |
---|---|
Income tax or capital gains tax | Return, accounts, statement or document required under section 8(1) of TMA 1970 (personal return) |
Income tax or capital gains tax | Return, accounts, statement or document required under section 8A(1) of TMA 1970 (trustee’s return) |
Income tax | Return, accounts, statement or document required under section 12AA(2) or (3) of TMA 1970 (partnership return) |
Income tax | Return under section 254 of FA 2004 (pension schemes) |
Income tax | Particulars or documents required under regulation 12 of the Retirement Benefits Schemes (Information Powers) Regulations 1995 (SI 1995/3101) (information relating to pension schemes) |
Capital gains tax | NRCGT return under section 12ZB of TMA 1970 |
Inheritance tax | Account under section 216 or 217 of IHTA 1984. |
4
The documents relevant for the purposes only of paragraph (c) of sub-paragraph (1) are (so far as they relate to the tax or taxes shown in the first column)—
Tax to which document relates | Document |
---|---|
Income tax or capital gains tax | Return, statement or declaration in connection with a claim for an allowance, deduction or relief |
Income tax or capital gains tax | Accounts in connection with ascertaining liability to tax |
Income tax or capital gains tax | Statement or declaration in connection with a partnership return |
Income tax or capital gains tax | Accounts in connection with a partnership return |
Inheritance tax | Information or document under regulations under section 256 of IHTA 1984 |
Inheritance tax | Statement or declaration in connection with a deduction, exemption or relief. |
Income tax, capital gains tax or inheritance tax | Any other document given to HMRC by a person (“P”) which is likely to be relied on by HMRC to determine, without further inquiry, a question about—
|