- Latest available (Revised)
- Original (As enacted)
Finance Act 2016, Paragraph 2 is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
2(1)This paragraph has effect for the purposes of this Schedule.U.K.
(2)Conduct involves offshore activity if it involves—
(a)an offshore matter,
(b)an offshore transfer, or
(c)a relevant offshore asset move.
(3)Conduct involves an offshore matter if it results in a potential loss of revenue that is charged on or by reference to—
(a)income arising from a source in a territory outside the United Kingdom,
(b)assets situated or held in a territory outside the United Kingdom,
(c)activities carried on wholly or mainly in a territory outside the United Kingdom, or
(d)anything having effect as if it were income, assets or activities of the kind described above.
(4)Where the tax at stake is inheritance tax, assets are treated for the purposes of sub-paragraph (3) as situated or held in a territory outside the United Kingdom if they are so held or situated immediately after the transfer of value by reason of which inheritance tax becomes chargeable.
(5)Conduct involves an offshore transfer if—
(a)it does not involve an offshore matter,
(b)it is deliberate (whether or not concealed) and results in a potential loss of revenue,
(c)the condition set out in paragraph 4AA of Schedule 24 to FA 2007 is satisfied.
(6)Conduct involves a relevant offshore asset move if at a time when Q is the beneficial owner of an asset (“the qualifying time”)—
(a)the asset ceases to be situated or held in a specified territory and becomes situated or held in a non-specified territory,
(b)the person who holds the asset ceases to be resident in a specified territory and becomes resident in a non-specified territory, or
(c)there is a change in the arrangements for the ownership of the asset,
and Q remains the beneficial owner of the asset, or any part of it, immediately after the qualifying time.
(7)Paragraphs 4(2) to (4) of Schedule 21 to FA 2015 apply for the purposes of sub-paragraph (6) above as they apply for purposes of paragraph 4 of that Schedule.
(8)In sub-paragraph (6) above, “specified territory” has the same meaning as in paragraph 4(5) of Schedule 21 to FA 2015.
Commencement Information
I1Sch. 20 para. 2 in force at 1.1.2017 by S.I. 2016/1249, reg. 2
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: