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 19705
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 20087 (penalty for failure to notify) (“paragraphs 7 and 11”) construed as described in regulation 6.