Finance Act 2021

Finance Act 2016

48 (1) Schedule 22 (asset-based penalty for offshore inaccuracies and failures) is amended as follows.

(2) In paragraph 2—

(a) in sub-paragraph (1), for “or (4A)” substitute “, (4A) or (4B)”;

(b) in sub-paragraph (4A), in the words before paragraph (a), for “paragraph” substitute “sub-paragraph”;

(c) after sub-paragraph (4A), insert—

“(4B) A penalty falls within this sub-paragraph if—

(a) it is imposed under paragraph 3 of Schedule 25 to FA 2021 (penalties for deliberately withholding information),

(b) it is imposed for the withholding of information involving an offshore matter or an offshore transfer, and

(c) the tax at stake is (or includes) capital gains tax or asset-based income tax.”

(3) After paragraph 3(4), insert—

“(4A) Where a standard offshore tax penalty is imposed under paragraph 3 of Schedule 25 to FA 2021 for a failure to make a return or deliver a document listed in the table in paragraph 1 of that Schedule, the tax year to which that penalty relates is, if the tax at stake is income tax or capital gains tax, the tax year to which the return or document relates.”

(4) In paragraph 5—

(a) in sub-paragraph (1)(b), after “Schedule 55 to FA 2009” insert “or Schedule 25 to FA 2021”;

(b) in sub-paragraph (2)(a), for “or paragraph 6 of Schedule 55 to FA 2009” substitute “, paragraph 6 of Schedule 55 to FA 2009 or paragraph 3 of Schedule 25 to FA 2021”.

(5) In paragraph 19(2), for “or Part 1 of Schedule 18 to FA 2017” substitute “, Part 1 of Schedule 18 to F(No.2)A 2017 or Schedule 25 to FA 2021”.