Citation and interpretation

1. —(1) These Regulations may be cited as the Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017.

(2) In these Regulations—

“Schedule 21” means Schedule 21 to the Finance Act 2016 (penalties relating to offshore matters and offshore transfers);

“transfer of value” has the same meaning as it does in section 3 of the Inheritance Tax Act 1984( 2 ).

Appointed days

2. The amendments made by Schedule 21 come into force on 1st April 2017 for all purposes except as described in regulation 3 and have effect—

(a) for inheritance tax purposes, in relation to transfers of value made on or after that day; and

(b) for income tax and capital gains tax purposes, in relation to any tax year( 3 ) commencing on or after 6th April 2016.

3. The exceptions referred to in regulation 2 are—

(a) paragraph 2(4) of Schedule 21, which comes into force on 8th March 2017 for the purpose of making the regulations required by paragraph 9(1C) of Schedule 24 to the Finance Act 2007( 4 ) (penalties for errors);

(b) paragraph 6(4) of Schedule 21, which comes into force on 8th March 2017 for the purpose of making the regulations required by paragraph 12(2C) of Schedule 41 to the Finance Act 2008( 5 ) (penalties: failure to notify etc );

(c) paragraph 10(5) of Schedule 21, which comes into force on 8th March 2017 for the purpose of making the regulations required by paragraph 14(2C) of Schedule 55 to the Finance Act 2009( 6 ) (penalty for failure to make returns etc).