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The Sections 106B, 106C and 106D of the Taxes Management Act 1970 (Specified Threshold Amount) Regulations 2017

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Calculation of the total amount of income tax and capital gains tax chargeable on or by reference to offshore income, assets or activities for the purposes of section 106B of TMA 1970

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5.  The total amount of income and capital gains tax chargeable for a year of assessment on or by reference to offshore income, assets or activities for the purposes of section 106B of TMA 1970 (“the section 106B amount”) must be calculated in accordance with the applicable provisions of paragraphs 7 and 11 of Schedule 41 to the Finance Act 2008(1) (penalty for failure to notify) (“paragraphs 7 and 11”) construed as described in regulation 6.

(1)

2008 c. 9; paragraph 7 has been amended by paragraph 583(a) and (b) of Schedule 1 to the Corporation Tax Act 2010 (c. 4), paragraph 6(2) and (3) of Schedule 51 to the Finance Act 2013 (c. 29) and section 104(6) of the Finance Act 2015 (c. 11).

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