SCHEDULES

SCHEDULE 20Penalties in connection with offshore matters and offshore transfers

7Penalties for errors

1

Paragraph 21A (classification of territories) is amended as follows.

2

Before sub-paragraph (1) insert—

A1

A category 0 territory is a territory designated as a category 0 territory by order made by the Treasury.

3

For sub-paragraph (2) substitute—

2

A category 2 territory is a territory that is not any of the following—

a

a category 0 territory;

b

a category 1 territory;

c

a category 3 territory.

4

For sub-paragraph (7) substitute—

7

An instrument containing (whether alone or with other provisions) the first order to be made under sub-paragraph (A1) may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.