Part 1 Liability for Penalty
Finance Act 2016 (2016 c 24) | Legislation

SCHEDULE 22 Asset-Based Penalty for Offshore Inaccuracies and Failures

Section 165

Part 1 Liability for Penalty

Circumstances in which asset-based penalty is payable

1

(1)     An asset-based penalty is payable by a person (P) where—

(a)     one or more standard offshore tax penalties have been imposed on P in relation to a tax year (see paragraphs 2 and 3), and

(b)     the potential lost revenue threshold is met in relation to that tax year (see paragraph 4).

(2)     But this is subject to paragraph 6 (restriction on imposition of multiple asset-based penalties in relation to the same asset).

Meaning of standard offshore tax penalty

2

(1)     A standard offshore tax penalty is a penalty that falls within sub-paragraph (2), (3)[, (4) or (4A)] [, (4A) or (4B)].

(2)     A penalty falls within this sub-paragraph if—

(a)     it is imposed under paragraph 1 of Schedule 24 to FA 2007 (inaccuracy in taxpayer's document),

(b)     the inaccuracy for which the penalty is imposed involves an offshore matter or an offshore transfer,

(c)     it is imposed for deliberate action (whether concealed or not), and

(d)     the tax at stake is (or includes) capital gains tax, inheritance tax

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