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.