- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Income Tax
Capital Gains Tax
Inheritance Tax
Made
9th March 2017
Laid before the House of Commons
10th March 2017
Coming into force
1st April 2017
The Treasury make the following Regulations in exercise of the powers conferred by paragraph 8(3) and (4) of Schedule 22 to the Finance Act 2016(1).
1. These Regulations may be cited as the Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017 and come into force on 1st April 2017.
2. The maximum amount by which the standard amount of the asset-based penalty determined in accordance with paragraph 7 of Schedule 22 to the Finance Act 2016 (standard amount of asset-based penalty) may be reduced as required by paragraph 8 of that Schedule (reductions for disclosure and co-operation) is—
(a)50% of the standard amount in a case involving only unprompted disclosures, and
(b)20% of the standard amount in a case involving prompted disclosures.
David Evennett
Andrew Griffiths
Two of the Lords Commissioners of Her Majesty’s Treasury
9th March 2017
(This note is not part of the Regulations)
These Regulations come into force on 1st April 2017. They specify the maximum amount by which the standard amount of an asset-based penalty imposed in accordance with Schedule 22 to the Finance Act 2016 (c. 24) may be reduced as required by paragraph 8 of that Schedule. For a person to be liable to the asset-based penalty, that person must also be liable to a penalty under Schedule 24 to the Finance Act 2007 (c. 11), Schedule 41 to the Finance Act 2008 (c. 9) or Schedule 55 to the Finance Act 2009 (c. 10) involving an offshore matter or an offshore transfer. The standard amount of the asset-based penalty may be reduced by up to 50% where the person liable to the penalty has made only unprompted disclosures of information etc. relating to the person’s tax affairs. In a case where person’s disclosure was made after being prompted to do so, the standard amount of the penalty may only be reduced by up to 20%.
A Tax Information and Impact Note covering this instrument was published on 9th December 2015 and is available on the gov.uk website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: