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Finance Act 2016
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 4 para. 1(2)(3) substituted for Sch. 4 para. 1(2) by S.I. 2024/1012 reg. 16(2)
- Sch. 4 para. 9(2)-(2B) substituted for Sch. 4 para. 9(2) by S.I. 2024/1012 reg. 16(3)(b)
- Sch. 19 para. 12(5)(b) inserted by 2017 c. 32 Sch. 14 para. 49(2)(c)
- Sch. 19 para. 12(5)(a) word inserted by 2017 c. 32 Sch. 14 para. 49(2)(b)
- Sch. 19 para. 51(8)(b) words inserted by 2017 c. 32 Sch. 14 para. 48(2)
- Sch. 19 para. 53(1) words inserted by 2017 c. 32 Sch. 14 para. 48(4)(a)
- Sch. 19 para. 53(1) words inserted by 2017 c. 32 Sch. 14 para. 48(4)(b)
- Sch. 19 para. 12(5)(a) words renumbered as Sch. 19 para. 12(5)(a) by 2017 c. 32 Sch. 14 para. 49(2)(a)
- Sch. 19 para. 58(1) words substituted by 2017 c. 32 Sch. 14 para. 48(5)
2(1)Paragraph 9 (reductions for disclosure) is amended as follows.U.K.
(2)For sub-paragraph (A1) substitute—
“(A1)Paragraph 10 provides for reductions in penalties—
(a)under paragraph 1 where a person discloses an inaccuracy that involves a domestic matter,
(b)under paragraph 1A where a person discloses a supply of false information or withholding of information, and
(c)under paragraph 2 where a person discloses a failure to disclose an under-assessment.
(A2)Paragraph 10A provides for reductions in penalties under paragraph 1 where a person discloses an inaccuracy that involves an offshore matter or an offshore transfer.
(A3)Sub-paragraph (1) applies where a person discloses—
(a)an inaccuracy that involves a domestic matter,
(b)a careless inaccuracy that involves an offshore matter,
(c)a supply of false information or withholding of information, or
(d)a failure to disclose an under-assessment.”
(3)In sub-paragraph (1), in the words before paragraph (a), for the words from “an inaccuracy” to “under-assessment” substitute “ the matter ”.
(4)After sub-paragraph (1) insert—
“(1A)Sub-paragraph (1B) applies where a person discloses—
(a)a deliberate inaccuracy (whether concealed or not) that involves an offshore matter, or
(b)an inaccuracy that involves an offshore transfer.
(1B)A person discloses the inaccuracy by—
(a)telling HMRC about it,
(b)giving HMRC reasonable help in quantifying the inaccuracy,
(c)allowing HMRC access to records for the purpose of ensuring that the inaccuracy is fully corrected, and
(d)providing HMRC with additional information.
(1C)The Treasury must make regulations setting out what is meant by “additional information” for the purposes of sub-paragraph (1B)(d).
(1D)Regulations under sub-paragraph (1C) are to be made by statutory instrument.
(1E)An instrument containing regulations under sub-paragraph (1C) is subject to annulment in pursuance of a resolution of the House of Commons.”
(5)At the end insert—
“(4)Paragraph 4A(4) to (5) applies to determine whether an inaccuracy involves an offshore matter, an offshore transfer or a domestic matter for the purposes of this paragraph.”
Commencement Information
I1Sch. 21 para. 2(1)-(3) (5) in force at 1.4.2017 with effect in accordance with reg. 2 by S.I. 2017/259, reg. 2
I2Sch. 21 para. 2(4) in force at 8.3.2017 for specified purposes by S.I. 2017/259, reg. 3
I3Sch. 21 para. 2(4) in force at 1.4.2017 in so far as not already in force and with effect in accordance with reg. 2 of the commencing S.I. by S.I. 2017/259, reg. 2
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