SCHEDULES
SCHEDULE 21Penalties in connection with offshore asset moves
“Relevant time”
5
1
“The relevant time” has the meaning given by this paragraph.
2
Where the original penalty is under Schedule 24 to FA 2007, the relevant time is—
a
if the tax at stake as a result of the inaccuracy is income tax or capital gains tax, the beginning of the tax year to which the document containing the inaccuracy relates, and
b
if the tax at stake as a result of the inaccuracy is inheritance tax, the time when liability to the tax first arises.
3
Where the original penalty is for a failure to comply with an obligation specified in the table in paragraph 1 of Schedule 41 of FA 2008, the relevant time is the beginning of the tax year to which that obligation relates.
4
Where the original penalty is for a failure to make a return or deliver a document specified in the table in paragraph 1 of Schedule 55 to FA 2009, the relevant time is—
a
if the tax at stake is income tax or capital gains tax, the beginning of the tax year to which the return or document relates, and
b
if the tax at stake is inheritance tax, the time when liability to the tax first arises.