SCHEDULE 21 Penalties Relating to Offshore Matters and Offshore Transfers
Finance Act 2016 (2016 c 24) | Legislation

SCHEDULE 21 Penalties Relating to Offshore Matters and Offshore Transfers

Section 163

Amendments to Schedule 24 to the Finance Act 2007 (c 11)

1

Schedule 24 to FA 2007 (penalties for errors) is amended as follows.

2

(1)     Paragraph 9 (reductions for disclosure) is amended as follows.

(2)     For sub-paragraph (A1) substitute—

“(A1)     Paragraph 10 provides for reductions in penalties—

(a)     under paragraph 1 where a person discloses an inaccuracy that involves a domestic matter,

(b)     under paragraph 1A where a person discloses a supply of false information or withholding of information, and

(c)     under paragraph 2 where a person discloses a failure to disclose an under-assessment.

(A2)     Paragraph 10A provides for reductions in penalties under paragraph 1 where a person discloses an inaccuracy that involves an offshore matter or an offshore transfer.

(A3)     Sub-paragraph (1) applies where a person discloses—

(a)     an inaccuracy that involves a domestic matter,

(b)     a careless inaccuracy that involves an offshore matter,

(c)     a supply of false information or withholding of information, or

(d)     a failure to disclose an under-assessment.â€

(3)     In sub-paragraph (1), in the words before paragraph (a), for the words from “an inaccuracy†to “under-assessment†substitute “the

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