Taxes Management Act 1970

[F1 106F Offences under sections 106B to 106D: supplementary provision U.K.

(1) Where a period of time is extended under subsection (2) of section 118 by HMRC, the tribunal or an officer (but not where a period is otherwise extended under that subsection), any reference in section 106B, 106C or 106D to the end of the period is to be read as a reference to the end of the period as so extended.

(2) The Treasury may by regulations specify the amount (which must not be less than £25,000) that is to be the threshold amount for the purposes of sections 106B to 106D.

(3) The Treasury may by regulations make provision as to the calculation for the purposes of sections 106B to 106D of—

(a) the amount of tax that is chargeable on or by reference to offshore income, assets or activities, and

(b) the increase in the amount of tax that is so chargeable as a result of correcting an inaccuracy.

(4) In sections 106B to 106D and this section “offshore income, assets or activities” means—

(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, or

(c) activities carried on wholly or mainly in a territory outside the United Kingdom.

(5) In subsection (4), “assets” has the meaning given in section 21(1) of the 1992 Act, but also includes sterling.]

Textual Amendments

F1 Ss. 106B-106H and cross-heading inserted (7.10.2017 in relation to the tax year commencing on 6.4.2017 and subsequent tax years) by Finance Act 2016 (c. 24), s. 166(1)(2); S.I. 2017/970, art. 2