SCHEDULES

SCHEDULE 20Penalties for enablers of offshore tax evasion or non-compliance

PART 1Liability for penalty

Reduction of penalty for disclosure etc by P

I17

1

If P (who would otherwise be liable to a penalty under paragraph 1)—

a

makes a disclosure to HMRC of—

i

a matter relating to an inaccuracy in a document, a supply of false information or a failure to disclose an under-assessment,

ii

P's enabling of actions by Q that constituted (or might constitute) a relevant offence or that made (or might make) Q liable to a relevant penalty, or

iii

any other matter HMRC regard as assisting them in relation to the assessment of P's liability to a penalty under paragraph 1, or

b

assists HMRC in any investigation leading to Q being charged with a relevant offence or found liable to a relevant penalty,

HMRC must reduce the penalty to one that reflects the quality of the disclosure or assistance.

2

But the penalty may not be reduced—

a

in the case of unprompted disclosure or assistance, below whichever is the higher of—

i

10% of the potential lost revenue, or

ii

£1,000, or

b

in the case of prompted disclosure or assistance, below whichever is the higher of—

i

30% of the potential lost revenue, or

ii

£3,000.