SCHEDULE 20 Penalties in Connection with Offshore Matters and Offshore Transfers
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 20 Penalties in Connection with Offshore Matters and Offshore Transfers

Section 120

Penalties for errors

1

Schedule 24 to FA 2007 is amended as follows.

2

(1)     Paragraph 4 (penalties payable under paragraph 1) is amended as follows.

(2)     After sub-paragraph (1) insert—

“(1A)     If the inaccuracy is in category 0, the penalty is—

(a)     for careless action, 30% of the potential lost revenue,

(b)     for deliberate but not concealed action, 70% of the potential lost revenue, and

(c)     for deliberate and concealed action, 100% of the potential lost revenue.â€

(3)     In sub-paragraph (2)—

(a)     in paragraph (a), for “30%†substitute “37.5%â€,

(b)     in paragraph (b), for “70%†substitute “87.5%â€, and

(c)     in paragraph (c), for “100%†substitute “125%â€.

(4)     In sub-paragraph (5), for “3†substitute “4â€.

3

(1)     Paragraph 4A (categorisation of inaccuracies) is amended as follows.

(2)     For sub-paragraph (1) substitute—

“(A1)     An inaccuracy is in category 0 if—

(a)     it involves a domestic matter,

(b)     it involves an offshore matter or an offshore transfer, the territory in question is a category 0 territory and the tax at stake is income tax, capital gains tax or inheritance tax,

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