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Finance Act 2016
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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)
19(1)In this Schedule—U.K.
“asset” has the same meaning as in TCGA 1992 (but also includes currency in sterling);
“asset-based income tax” has the meaning given in paragraph 2(7);
“HMRC” means Her Majesty's Revenue and Customs;
“investigation period” has the meaning given in paragraph 6(4);
“offshore PLR” has the meaning given in paragraph 5;
“standard amount of the asset-based penalty” has the meaning given in paragraph 7;
“standard offshore tax penalty” has the meaning given in paragraph 2.
(2)Terms used in relation to a penalty imposed under Schedule 24 to FA 2007, Schedule 41 to FA 2008 [F1Schedule 55 to FA 2009 [F2or Part 1 of Schedule 18 to FA 2017] [F2 , Part 1 of Schedule 18 to F(No.2)A 2017 or Schedule 25 to FA 2021]] have the same meaning as in the Schedule under which the penalty was imposed.
(3)References in this Schedule to capital gains tax do not include capital gains tax payable by companies in respect of chargeable gains accruing to them to the extent that those gains are NRCGT gains in respect of which the companies are chargeable to capital gains tax under section 14D or 188D of TCGA 1992 (see section 1(2A)(b) of that Act).
Textual Amendments
F1Words in Sch. 22 para. 19(2) substituted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 28(8)
F2Words in Sch. 22 para. 19(2) substituted (6.4.2024 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 48(5); S.I. 2024/440, reg. 2
Commencement Information
I1Sch. 22 para. 19 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)
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