Part 1 Liability for Penalty for Failure to Correct
Finance (No 2) Act 2017 (2017 c 32) | Legislation

SCHEDULE 18 Requirement to Correct Certain Offshore Tax Non-Compliance

Section 67

Part 1 Liability for Penalty for Failure to Correct

Failure to correct relevant offshore tax non-compliance

1

A penalty is payable by a person who—

(a)     has any relevant offshore tax non-compliance to correct at the end of the tax year 2016–17, and

(b)     fails to correct the relevant offshore tax non-compliance within the period beginning with 6 April 2017 and ending with 30 September 2018 (referred to in this Schedule as “the RTC periodâ€).

Main definitions: general

2

Paragraphs 3 to 13 have effect for the purposes of this Schedule.

“Relevant offshore tax non-complianceâ€

3

(1)     At the end of the 2016–17 tax year a person has “relevant offshore tax non-compliance†to correct if—

(a)     Conditions A and B are satisfied in respect of any offshore tax non-compliance committed by that person on or before 5 April 2017 (“the original offshore tax non-complianceâ€), and

(b)     Condition C will be satisfied on the relevant date (see paragraph 6).

(2)     Where the original offshore tax non-compliance committed by a person has been corrected in part by the end of the tax year 2016–17,

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