The Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017

JurisdictionUK Non-devolved
CitationSI 2017/334
Year2017

2017 No. 334

Income Tax

Capital Gains Tax

Inheritance Tax

The Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017

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 20161.

S-1 Citation and commencement

Citation and commencement

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.

S-2 Maximum amount of reduction of the standard amount of the asset-based penalty for disclosure and co-operation

Maximum amount of reduction of the standard amount of the asset-based penalty for disclosure and co-operation

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

EXPLANATORY NOTE

(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...

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