Source: http://www.legislation.gov.uk/cy/ukpga/2015/11/schedule/20
Timestamp: 2019-07-20 08:34:35
Document Index: 231587340

Matched Legal Cases: ['art. 4', 'art. 4', 'art. 4', 'art. 4', 'art. 5', 'art. 5', 'art. 5', 'art. 5']

Newidiadau dros amser i: SCHEDULE 20
Ar hyn o bryd nid oes unrhyw effeithiau heb eu gweithredu yn hysbys ar gyfer y Finance Act 2015, SCHEDULE 20.
SCHEDULE 20U.K.Penalties in connection with offshore matters and offshore transfers
Penalties for failure to notifyU.K.
10(1)Paragraph 6 (amount of penalty: standard amount) is amended as follows.U.K.
11(1)Paragraph 6A (categorisation of failures) is amended as follows.U.K.
I4Sch. 20 para. 11(3)-(9) in force at 1.4.2016 and the amendments therein have effect in accordance with art. 4(2) of the commencing S.I. by S.I. 2016/456, art. 4(1)
I5Sch. 20 para. 12 in force at 1.4.2016 and the amendments therein have effect in accordance with art. 4(2) of the commencing S.I. by S.I. 2016/456, art. 4(1)
Penalties for failure to make returns etcU.K.
14Schedule 55 to FA 2009 is amended as follows.
15(1)Paragraph 6 (penalty for failure continuing 12 months after penalty date) is amended as follows.U.K.
16(1)Paragraph 6A (categorisation of information) is amended as follows.U.K.
“(A1)Information is category 0 information if—
(b)it involves an offshore matter or an offshore transfer, the territory in question is a category 0 territory and it is information which would enable or assist HMRC to assess P's liability to income tax, capital gains tax or inheritance tax, or
(c)it involves an offshore matter and it is information which would enable or assist HMRC to assess P's liability to a tax other than income tax, capital gains tax or inheritance tax.
(1)Information is category 1 information if—
(c)it is information which would enable or assist HMRC to assess P's liability to income tax, capital gains tax or inheritance tax.”
“(4A)If the liability to tax which would have been shown in the return is a liability to inheritance tax, assets are treated for the purposes of sub-paragraph (4) as situated or held in a territory outside the UK if they are so situated or held immediately after the transfer of value by reason of which inheritance tax becomes chargeable.
(4B)Information “involves an offshore transfer” if—
(b)it is information which would enable or assist HMRC to assess P's liability to income tax, capital gains tax or inheritance tax,
(c)by failing to make the return, P deliberately withholds the information (whether or not the withholding of the information is also concealed), and
(6)In sub-paragraph (5), for the words following “if” substitute “ it does not involve an offshore matter or an offshore transfer ”.
I6Sch. 20 para. 16(3)-(9) in force at 1.4.2016 and the amendments therein have effect in accordance with art. 5(2) of the commencing S.I. by S.I. 2016/456, art. 5(1)
I7Sch. 20 para. 17 in force at 1.4.2016 and the amendments therein have effect in accordance with art. 5(2) of the commencing S.I. by S.I. 2016/456, art. 5(1)
18In paragraph 15 (standard percentage reductions for disclosure), in the Table in sub-paragraph (2), at the appropriate places insert—
[F1General anti-abuse rule: aggregate penaltiesU.K.
F1Sch. 20 para. 20 and cross-heading inserted (with effect in accordance with s. 158(15) of the amending Act) by Finance Act 2016 (c. 24), s. 158(14)
20(1) In Schedule 43C to FA 2013 (general anti-abuse rule: supplementary provision about penalty), sub-paragraph (6) of paragraph 8 is amended as follows. U.K.
“(ba)125% in a case where neither paragraph (a) nor paragraph (b) applies and at least one of the penalties is determined by reference to the percentage in—
(i) paragraph 4(2)(c) of Schedule 24 to FA 2007 ,
(ii) paragraph 6(2)(a) of Schedule 41 to FA 2008 ,
(iii) paragraph 6(3A)(a) of Schedule 55 to FA 2009 , ”.
(3)In sub-paragraph (c) for “neither paragraph (a) nor paragraph (b) applies” substitute “none of paragraphs (a) to (ba) applies.
(4)In sub-paragraph (d) for “none of paragraphs (a), (b) and (c) applies” substitute “none of paragraphs (a) to (c) applies.]