SCHEDULES

SCHEDULE 20Penalties in connection with offshore matters and offshore transfers

Penalties for errors

8

(1)

Paragraph 21B (location of assets etc) is amended as follows.

(2)

After sub-paragraph (1) insert—

“(1A)

The Treasury may by regulations make provision for determining for the purposes of paragraph 4AA where—

(a)

income is received or transferred,

(b)

the proceeds of a disposal are received or transferred, or

(c)

assets are transferred.”

(3)

In sub-paragraph (2), for “and capital gains tax” substitute “ , capital gains tax and inheritance tax ”.