Statutory Instruments
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 2016( 1 ).
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.
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