SCHEDULE 21 Penalties in Connection with Offshore Asset Moves
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 21 Penalties in Connection with Offshore Asset Moves

Section 121

Penalty linked to offshore asset moves

1

(1)     A penalty is payable by a person (“Pâ€) where Conditions A, B and C are met.

(2)     Condition A is that—

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

(b)     [where the original penalty is a penalty specified in paragraph (a), (b), (c) or (d) of paragraph 2,] 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 (“HMRCâ€) 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.

Original penalties triggering penalties under this Schedule

2

The penalties referred to in paragraph 1(2) are—

(a)     a penalty under paragraph 1 of Schedule

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