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Finance (No. 2) Act 2017

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Changes over time for: Paragraph 27

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There are currently no known outstanding effects for the Finance (No. 2) Act 2017, Paragraph 27. Help about Changes to Legislation

27(1)Schedule 21 to FA 2015 (penalties in connection with offshore asset moves) is amended as follows.U.K.

(2)In paragraph 2 (original penalties triggering penalties under Schedule 21) omit “and” after paragraph (b) and after paragraph (c) insert , and

(d)a penalty under paragraph 1 of Schedule 18 to FA 2017 (requirement to correct relevant offshore tax non-compliance).

(3)In paragraph 3 (meaning of deliberate failure) after paragraph (c) insert—

(d)in the case of a penalty within paragraph 2(d), P was aware at any time during the RTC period that at the end of the 2016-17 tax year P had relevant offshore tax non-compliance to correct;

and terms used in paragraph (d) have the same meaning as in Schedule 18 to FA 2017.

(4)In paragraph 5 (meaning of “relevant time”) after sub-paragraph (4) insert—

(5)Where the original penalty is under paragraph 1 of Schedule 18 to FA 2017, the relevant time is the time when that Schedule comes into force.

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