Finance Act 2021

Finance Act 2015

44 (1) Schedule 21 to FA 2015 (penalties in connection with offshore asset moves) is amended as follows.

(2) In paragraph 1(2), at the beginning of paragraph (b) insert “where the original penalty is a penalty specified in paragraph (a), (b), (c) or (d) of paragraph 2,”.

(3) In paragraph 2—

(a) omit the “and” at the end of paragraph (c);

(b) at the end of paragraph (d) insert “, and

(e) a penalty under paragraph 3 of Schedule 25 to FA 2021 (penalties for deliberately withholding information), where the tax at stake is income tax or capital gains tax.”

(4) In paragraph 5—

(a) in sub-paragraph (4), in the words before paragraph (a)—

(i) after “original penalty is” insert “a penalty under paragraph 6 of Schedule 55 to FA 2009”;

(ii) for “Schedule 55 to FA 2009” substitute “that Schedule”;

(b) after sub-paragraph (5) insert—

“(6) Where the original penalty is a penalty under paragraph 3 of Schedule 25 to FA 2021 for a failure to make a return or deliver a document specified in the table in paragraph 1 of that Schedule, the relevant time is, 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.”