an amount of the loan or quasi-loan is outstanding immediately before the end of 5 April 2019.

as if the “relevant benefit amount” were the amount of the loan or quasi-loan that is outstanding F4at the time the relevant benefit is treated as arising, and

where T ceases to carry on the relevant trade before the tax year in which the relevant benefit is treated as arising, as if section 23E(1)(b) were omitted and as if section 23E(1) provided that the relevant benefit amount is treated for income tax purposes as a post-cessation receipt of the trade received in that tax year.

as if the “relevant benefit amount” were one third of the amount of the loan or quasi-loan that is outstanding at the time the relevant benefit is treated as arising,

as if section 23E(1)(a) specified the tax year in which the relevant benefit is treated as arising and each of the two subsequent tax years, and

where T ceases to carry on the relevant trade before any tax year so specified in section 23E(1)(a), as if section 23E(1)(b) were omitted and as if section 23E(1) provided that the relevant benefit amount is to be treated for income tax purposes as a post-cessation receipt of the trade received in that tax year.

may be made at any time before 1 October 2020, and

may be made at a later time if an officer of Revenue and Customs allows it.

is to be determined in accordance with the following provisions of this Schedule, and

does not depend on the loan or quasi-loan subsisting at that time.

a loan or quasi-loan is to be treated for the purposes of sections 23A to 23H of ITTOIA 2005 as a relevant benefit by reason of paragraph 1,

a reasonable case could have been made that for a qualifying tax year (“the relevant year”) T was chargeable to income tax on an amount that was referable to the loan or quasi-loan,

at a time when an officer of Revenue and Customs had power to recover (from T or any other person) income tax for the relevant year in respect of that amount, a qualifying tax return or two or more qualifying tax returns taken together contained a reasonable disclosure of the loan or quasi-loan, and

as at 6 April 2019 an officer of Revenue and Customs had not taken steps to recover (from T or any other person) income tax for the relevant year in respect of that amount.

a reasonable case could have been made that for a tax year other than the relevant year (“the alternative year”) T was chargeable to income tax on an amount within sub-paragraph (3), and

it is the same amount as is mentioned in sub-paragraph (1),

it is part of the amount mentioned in sub-paragraph (1), or

it is derived from or represents the whole or part of the amount mentioned in sub-paragraph (1).

identified the loan or quasi-loan,

identified the person to whom the loan or quasi-loan was made in a case where the loan or quasi-loan was made to a person other than T,

identified the relevant arrangements in pursuance of which or in connection with which the loan or quasi-loan was made, and

provided such other information as was sufficient for it to be apparent that a reasonable case could be made that for the relevant year T was chargeable to income tax on an amount that was referable to the loan or quasi-loan.

the initial principal amount lent, and

any sums that have become principal under the loan, otherwise than by capitalisation of interest.

the amount of principal under the loan that has been repaid before 5 December 2016, and

payments in money made by T on or after 5 December 2016 by way of repayment of principal under the loan.

it does not matter whether the person making the payment is unaware of the tax avoidance arrangement.

the end of the approved repayment date, if the loan is an approved fixed term loan on 5 April 2019, or

the end of 5 April 2019 in any other case.

payments in money are made by way of repayment of principal under the loan, and

some or all of the payments are made in a currency other than the loan currency.

the loan currency is a currency other than sterling, and

it is reasonable to suppose that the main reason, or one of the main reasons, for the loan being made in that currency is that the loan currency is expected to depreciate as against sterling during the loan period.

beginning at the time the loan is made, and

ending with the time by which, under the terms of the loan, the whole of the loan is to be repaid.

paragraphs 5 and 6 do not apply in relation to the loan, and

sub-paragraphs (2) to (5) apply for the purposes of calculating the amount of the loan that is outstanding at the relevant time (as defined in paragraph 5(4)).

the value in sterling, at the reference date, of the initial principal amount lent, and

the value in sterling, at the reference date, of any sums that become principal under the loan, otherwise than by capitalisation of interest.

in relation to an amount within sub-paragraph (2)(a), means the date on which the loan is made, and

in relation to a sum within sub-paragraph (2)(b), means the date on which the sum becomes principal.

the amount of principal under the loan that has been repaid in sterling, and

where payments are made, in a currency other than sterling, by way of repayment of principal under the loan, the amount equal to the sterling value of the payments.

an amount equal to the value of the acquired debt (see paragraph 2(2)), and

where P subsequently acquires a further right (the “additional debt”) to a payment, or transfer of assets, in connection with the payment mentioned in paragraph 2(3)(a) or (as the case may be) the transfer mentioned in paragraph 2(3)(b), an amount equal to the value of the additional debt.

where the acquired debt is a right to payment of an amount, the “value” of the debt is that amount,

where the additional debt is a right to payment of an amount, the “value” of the debt is that amount, but is nil if the additional debt accrued to P by the capitalisation of interest on the acquired debt or another additional debt, and

the amount (if any) by which the initial debt amount has been reduced (by way of repayment) before 5 December 2016,

payments in money (if any) made by T on or after 5 December 2016 by way of repayment of the initial debt amount, and

if the acquired debt or additional debt is a right to a transfer of assets, and the assets have been transferred, an amount equal to the market value of the assets at the time of the transfer.

payments in money are made by way of repayment of the initial debt amount, and

some or all of the payments are made in a currency other than the quasi-loan currency.

the quasi-loan currency is a currency other than sterling, and

it is reasonable to suppose that the main reason, or one of the main reasons, for the quasi-loan being made in that currency is that the quasi-loan currency is expected to depreciate as against sterling during the quasi-loan period.

beginning at the time the quasi-loan is made, and

ending with the time by which, under the terms of the quasi-loan, the whole of the quasi-loan is to be repaid.

paragraphs 11 and 12 do not apply in relation to the quasi-loan, and

sub-paragraphs (2) to (5) apply for the purposes of calculating the amount of the quasi-loan that is outstanding at the relevant time (as defined in paragraph 11(4)).

the value in sterling, at the reference date, of the acquired debt, and

the value in sterling, at the reference date, of any additional debt.

the amount of the initial debt amount that has been repaid in sterling, and

where payments are made, in a currency other than sterling, by way of repayment of the initial debt amount, the amount equal to the sterling value of the payments.

section 23E of ITTOIA 2005 would (ignoring paragraph 20) apply in relation to a relevant benefit arising to T,

the relevant benefit is a loan or quasi-loan in relation to which paragraph 1(2) applies,

an accelerated payment notice, or a partner payment notice, relating to a relevant charge (the “accelerated payment notice”) has been given under Chapter 3 of Part 4 of FA 2014,

T makes a payment (the “accelerated payment”) in respect of the understated or disputed tax to which the notice relates,

the accelerated payment is made on or before F115 April 2019, and

the amount of the loan or quasi-loan that, at the end of F125 April 2019, is outstanding for the purposes of paragraph 1 (see paragraphs 3 to 14) is equal to or less than the amount of the accelerated payment.

as if the relevant benefit mentioned in paragraph 19(1)(a) and (b) arises only if the condition in sub-paragraph (2) is met, and

as if it arises immediately before the end of the 30 days beginning with the date on which the condition in sub-paragraph (2) becomes met.

a loan or quasi-loan in relation to which paragraph 1(2) applies is treated as a “relevant benefit” for the purposes of sections 23A to 23H of ITTOIA 2005, and

section 23E of ITTOIA 2005 applies in relation to the relevant benefit (see section 23A of that Act).

an application is made under paragraph 20(1) by reference to a loan or quasi-loan in relation to which paragraph 1(2) applies,

a favourable decision is made on the application before 6 April 2019, and

the first condition is not met in relation to the loan or quasi-loan.

a person agrees, with an officer of Revenue and Customs, terms for the discharge of liability for income tax arising because of the application of section 23E of ITTOIA 2005,

the terms cover all liability (if any) arising because of the application of that section by reference to a loan or quasi-loan in relation to which paragraph 1(2) applies, and

the terms are agreed before 1 October 2019.

after 5 April 2019, and

before F151 October 2020.

T’s name and, if T’s personal representatives are providing the information, their names,

the address and telephone number, and e-mail address (if any), of each person providing the information,

T’s national insurance number (if any),

the unique taxpayer reference number (if any) allocated to T by HMRC,

the name of the arrangement mentioned in section 23A(3)(a) of ITTOIA 2005,

the reference number (if any) allocated to the arrangement by HMRC under section 311 of FA 2004 (disclosure of tax avoidance schemes: arrangements to be given reference number),

any other reference number allocated by HMRC in connection with the arrangement or with the loan or quasi-loan mentioned in paragraph 21(2) or (3),

if the loan or quasi-loan mentioned in paragraph 21(2) or (3) is made to someone other than T, the name of the person to whom it is made,

if a person has agreed terms with an officer of Revenue and Customs for the partial discharge of the liability for income tax arising because of the application of section 23E of ITTOIA 2005 in relation to the loan or quasi-loan mentioned in paragraph 21(2) or (3), the date of that agreement and the amount of the liability to which it relates,

if the condition in paragraph 21(2) or (3) is met by reference to a loan, the loan payment information (see sub-paragraph (2)), and

if the condition in paragraph 21(2) or (3) is met by reference to a quasi-loan, the quasi-loan payment information (see sub-paragraph (3)).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the initial principal amount of the loan,

the amount that has become principal under the loan, otherwise than by capitalisation of interest, in each relevant tax year,

the amount of principal under the loan repaid in each relevant tax year, ignoring any repayments not in money made on or after 5 December 2016,

the details of any repayment that is to be disregarded under paragraph 3(4),

the amount of principal under the loan that has been released or written off in each relevant tax year,

whether any liability for income tax arising because of the application of section 23E of ITTOIA 2005 by reason of the release or writing-off has been paid, and

any amount released that has, in accordance with section 97 of ITTOIA 2005, been brought into account as a receipt in calculating the profits of the relevant trade.

the amount equal to the value of the acquired debt,

the amount equal to the value of the additional debts acquired in each relevant tax year,

the amount by which the initial debt amount has been reduced by way of repayment in each relevant tax year, ignoring any repayments not in money made on or after 5 December 2016,

where the acquired debt or an additional debt is a right to a transfer of assets, and the assets have been transferred, the amount of the market value of the assets at the time of the transfer,

the details of any repayment that is to be disregarded under paragraph 9(5),

the amount by which the initial debt amount has been reduced by release or writing off in each relevant tax year,

whether any liability for income tax arising because of the application of section 23E of ITTOIA 2005 by reason of the release or writing-off has been paid, and

any amount released that has, in accordance with section 97 of ITTOIA 2005, been brought into account as a receipt in calculating the profits of the relevant trade.

the tax year in which the loan or quasi-loan was made, and

each subsequent tax year.

in complying with the duty under paragraph 22, a person provides inaccurate information, and

condition A, B or C is met.

discovers the inaccuracy some time later, and

fails to take reasonable steps to inform HMRC.

an insufficiency of funds is not a reasonable excuse unless attributable to events outside the person’s control,

where the person relies on any other person to do anything, that is not a reasonable excuse unless the first person took reasonable care to avoid the failure, and

where the person had a reasonable excuse for the failure but the excuse has ceased, the person is to be treated as having continued to have the excuse if the failure is remedied without unreasonable delay after the excuse ceased.

HMRC may assess the penalty, and

if they do so, they must notify the person.

a decision that a penalty is payable by that person under paragraph 25 or 26, or

a decision as to the amount of such a penalty.

in writing,

before the end of the period of 30 days beginning with the date on which the notification under paragraph 28 was issued, and

to HMRC.

confirm the decision, or

substitute for the decision another decision that the officer of Revenue and Customs had power to make.

before the end of the period of 30 days beginning with the date on which the notification under paragraph 28 was issued, or

if a notice of an appeal against the penalty is given, before the end of the period of 30 days beginning with the date on which the appeal is determined or withdrawn.