Statutory Instruments
Income Tax
Capital Gains Tax
Inheritance Tax
Made
19th December 2016
The Treasury make the following Regulations in exercise of the powers conferred by section 162(2) and (3) of the Finance Act 2016(1).
1. These Regulations may be cited as the Finance Act 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016.
2. Section 162(1) of the Finance Act 2016 (“the Act”) and Schedule 20 to the Act come into force on 1st January 2017 (penalties for acts or omissions occurring on or after that day which encourage, assist or otherwise facilitate conduct constituting offshore tax evasion or non-compliance within paragraph 1(2) of that Schedule).
David Evennett
Robert Syms
Two of the Lords Commissioners of Her Majesty’s Treasury
19th December 2016
(This note is not part of the Regulations)
The Regulations appoint 1st January 2017 as the day on which section 162(1) of and Schedule 20 to the Finance Act 2016 (c. 24) come into force. Schedule 20 provides for a penalty to be payable by a person who has enabled offshore tax evasion or non-compliance by another person. Paragraph 1(2)(b) of Schedule 20 provides that a person has enabled another person to carry out offshore tax evasion or non-compliance where the person has encouraged, assisted or otherwise facilitated conduct by the other person that constitutes offshore tax evasion on non-compliance, within the meaning given to those terms in paragraph 1(2)(a) of the Schedule.
A Tax Information and Impact Note has not been prepared for these Regulations as they give effect to previously announced policy and are appointed day regulations.