CH122130 | Offshore matters: asset-based penalties: definitions: tax year to which standard offshore tax penalty or failure to correct penalty relates

The tax year to which the standard offshore tax penalty relates is dependent on the type of underlying penalty.

Schedule 24 FA 2007 paragraph 1 - Inaccuracy in taxpayer’s document

• The tax year for income tax or capital gains tax is the tax year to which the document containing the inaccuracy relates.

• For inheritance tax, the tax year is the year, beginning on 6 April and ending on the following 5 April, in which the liability to tax first arose.

Schedule 41 FA 2008 paragraph 1 - Failure to notify

• The tax year to which the obligation to notify relates.

Schedule 55 FA 2009 paragraph 6 - Penalty for failure to make a return more than 12 months after the filing date

• The tax year for income tax or capital gains tax is the tax year to which the return or document relates.

• For inheritance tax the tax year is the year, beginning on 6 April and ending on the following 5 April, in the year in which the liability to tax first arose. The tax year to which the failure to correct penalty relates is dependent on the date of the original non-compliance.

Schedule 18 FA (No2) 2017 paragraph 1 – penalty for failure to correct relevant offshore tax non-compliance

• The tax year for income tax or capital gains tax is the tax year to which the failure or inaccuracy constituting the relevant offshore tax non-compliance in question relates.

• For inheritance tax the tax year is the year, beginning on 6 April and ending on the following 5 April, in which the liability to tax first arose.