Finance Act 2015 (c. 11)

SCHEDULES

SCHEDULE 21 U.K. Penalties in connection with offshore asset moves

Penalty linked to offshore asset moves U.K.

1 (1) A penalty is payable by a person (“P”) where Conditions A, B and C are met. U.K.

(2) Condition A is that—

(a) P is liable for a penalty specified in paragraph 2 (“the original penalty”), and

(b) the original penalty is for a deliberate failure (see paragraph 3).

(3) Condition B is that there is a relevant offshore asset move (see paragraph 4) which occurs after the relevant time (see paragraph 5).

(4) Condition C is that—

(a) the main purpose, or one of the main purposes, of the relevant offshore asset move is to prevent or delay the discovery by Her Majesty's Revenue and Customs (“HMRC”) of a potential loss of revenue, and

(b) the original penalty relates to an inaccuracy or failure which relates to the same potential loss of revenue.