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Finance Act 2016
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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.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 4 para. 1(2)(3) substituted for Sch. 4 para. 1(2) by S.I. 2024/1012 reg. 16(2)
- Sch. 4 para. 9(2)-(2B) substituted for Sch. 4 para. 9(2) by S.I. 2024/1012 reg. 16(3)(b)
- Sch. 19 para. 12(5)(b) inserted by 2017 c. 32 Sch. 14 para. 49(2)(c)
- Sch. 19 para. 12(5)(a) word inserted by 2017 c. 32 Sch. 14 para. 49(2)(b)
- Sch. 19 para. 51(8)(b) words inserted by 2017 c. 32 Sch. 14 para. 48(2)
- Sch. 19 para. 53(1) words inserted by 2017 c. 32 Sch. 14 para. 48(4)(a)
- Sch. 19 para. 53(1) words inserted by 2017 c. 32 Sch. 14 para. 48(4)(b)
- Sch. 19 para. 12(5)(a) words renumbered as Sch. 19 para. 12(5)(a) by 2017 c. 32 Sch. 14 para. 49(2)(a)
- Sch. 19 para. 58(1) words substituted by 2017 c. 32 Sch. 14 para. 48(5)
6(1)Paragraph 12 (reductions for disclosure) is amended as follows.U.K.
(2)For sub-paragraph (1) substitute—
“(1)Paragraph 13 provides for reductions in penalties—
(a)under paragraph 1 where P discloses a relevant failure that involves a domestic matter, and
(b)under paragraphs 2 to 4 where P discloses a relevant act or failure.
(1A)Paragraph 13A provides for reductions in penalties under paragraph 1 where P discloses a relevant failure that involves an offshore matter or an offshore transfer.
(1B)Sub-paragraph (2) applies where P discloses—
(a)a relevant failure that involves a domestic matter,
(b)a non-deliberate relevant failure that involves an offshore matter, or
(c)a relevant act or failure giving rise to a penalty under any of paragraphs 2 to 4.”
(3)In sub-paragraph (2), for “a” substitute “ the ”.
(4)After sub-paragraph (2) insert—
“(2A)Sub-paragraph (2B) applies where P discloses—
(a)a deliberate relevant failure (whether concealed or not) that involves an offshore matter, or
(b)a relevant failure that involves an offshore transfer.
(2B)P discloses the failure by—
(a)telling HMRC about it,
(b)giving HMRC reasonable help in quantifying the tax unpaid by reason of it,
(c)allowing HMRC access to records for the purpose of checking how much tax is so unpaid, and
(d)providing HMRC with additional information.
(2C)The Treasury must make regulations setting out what is meant by “additional information” for the purposes of sub-paragraph (2B)(d).
(2D)Regulations under sub-paragraph (2C) are to be made by statutory instrument.
(2E)An instrument containing regulations under sub-paragraph (2C) is subject to annulment in pursuance of a resolution of the House of Commons.”
(5)At the end insert—
“(5)Paragraph 6A(4) to (5) applies to determine whether a failure involves an offshore matter, an offshore transfer or a domestic matter for the purposes of this paragraph.
(6)In this paragraph “relevant failure” means a failure to comply with a relevant obligation.”
Commencement Information
I1Sch. 21 para. 6(1)-(3) (5) in force at 1.4.2017 with effect in accordance with reg. 2 by S.I. 2017/259, reg. 2
I2Sch. 21 para. 6(4) in force at 8.3.2017 for specified purposes by S.I. 2017/259, reg. 3
I3Sch. 21 para. 6(4) in force at 1.4.2017 in so far as not already in force and with effect in accordance with reg. 2 of the commencing S.I. by S.I. 2017/259, reg. 2
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