Finance Act 2015 (c. 11)

SCHEDULES

SCHEDULE 21 U.K. Penalties in connection with offshore asset moves

Penalty linked to offshore asset moves U.K.

1 (1) A penalty is payable by a person (“P”) where Conditions A, B and C are met. U.K.

(2) Condition A is that—

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

(b) [F1 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 (“HMRC”) 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.

Textual Amendments

F1 Words in Sch. 21 para. 1(2)(b) inserted (6.4.2024 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 44(2); S.I. 2024/440, reg. 2