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The Penalties, Offshore Income etc. (Designation of Territories) Order 2011

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Statutory Instruments

2011 No. 976

Capital Gains Tax

Income Tax

The Penalties, Offshore Income etc. (Designation of Territories) Order 2011

Made

28th March 2011

Coming into force

6th April 2011

The Treasury make the following Order in exercise of the powers conferred by paragraph 21A(1) to (4) of Schedule 24 to the Finance Act 2007(1).

In accordance with paragraph 21A(7) of Schedule 24 to that Act, a draft of this instrument was laid before the House of Commons and approved by a resolution of that House.

Citation and commencement

1.  This Order may be cited as the Penalties, Offshore Income etc. (Designation of Territories) Order 2011 and comes into force on 6th April 2011.

Designation of territories

2.  The territories specified in the left hand column of the Table in the Schedule to this Order are designated as category 1 territories for the purposes of Schedule 24 to the Finance Act 2007(2) (penalties for errors).

3.  The territories specified in the right hand column of the Table in the Schedule to this Order are designated as category 3 territories for the purposes of Schedule 24 to the Finance Act 2007.

Michael Fabricant

James Duddridge

Two of the Lords Commissioners of Her Majesty’s Treasury

28th March 2011

Articles 2 and 3

SCHEDULE

Designated Territories

Category 1 territoriesCategory 3 territories

Anguilla

Aruba

Australia

Belgium

Bulgaria

Canada

Cayman Islands

Cyprus

Czech Republic

Denmark (not including Faroe Islands and Greenland)

Estonia

Finland

France

Germany

Greece

Guernsey

Hungary

Ireland

Isle of Man

Italy

Japan

Korea, South

Latvia

Lithuania

Malta

Montserrat

Netherlands (not including Bonaire, Sint Eustatius and Saba)

New Zealand (not including Tokelau)

Norway

Poland

Portugal

Romania

Slovakia

Slovenia

Spain

Sweden

United States of America (not including overseas territories and possessions)

Albania

Algeria

Andorra

Antigua and Barbuda

Armenia

Bahrain

Barbados

Belize

Bonaire, Sint Eustatius and Saba

Brazil

Cameroon

Cape Verde

Colombia

Congo, Republic of the

Cook Islands

Costa Rica

Curaçao

Cuba

Democratic People’s Republic of Korea

Dominica

Dominican Republic

Ecuador

El Salvador

Gabon

Grenada

Guatemala

Honduras

Iran

Iraq

Jamaica

Kyrgyzstan

Lebanon

Macau

Marshall Islands

Mauritius

Micronesia, Federated States of

Monaco

Nauru

Nicaragua

Niue

Palau

Panama

Paraguay

Peru

Saint Kitts and Nevis

Saint Lucia

Saint Vincent and the Grenadines

San Marino

Seychelles

Sint Maarten

Suriname

Syria

Tokelau

Tonga

Trinidad and Tobago

United Arab Emirates

Uruguay

EXPLANATORY NOTE

(This note is not part of the Order)

This Order designates certain territories as category 1 territories or as category 3 territories for the purposes of Schedule 24 to the Finance Act 2007 (c. 11), as amended by Schedule 10 to the Finance Act 2010 (c. 13).

Schedule 10 to the Finance Act 2010 amends the level of penalties that may be charged in cases of non-compliance with UK income tax and capital gains tax obligations with respect to offshore income, gains and assets.

New paragraphs 4 and 4A of Schedule 24, inserted by paragraph 2 of Schedule 10, provide that every inaccuracy falls into one of three categories. The changes made by paragraphs 3 and 4 of Schedule 10 mean that existing penalty levels will apply to category 1 inaccuracies (which includes all domestic inaccuracies and inaccuracies relating to taxes other than income tax and capital gains tax). However, inaccuracies in category 2 and 3 are increased by factors of 1.5 and 2 respectively.

The categories of inaccuracies are defined by reference to whether the territory, to which the inaccuracy in connection with offshore income, gains or assets relates, is a category 1 territory, a category 2 territory or a category 3 territory. Every territory in the world, other than the UK, falls into one of these categories. Paragraph 21A of Schedule 24 to the Finance Act 2007 (inserted by paragraph 5 of Schedule 10 to the Finance Act 2010) provides for this classification of territories. Territories falling into category 1 and 3 are listed in this Order and any territory, other than the UK, not listed in category 1 or category 3 falls by default into category 2.

Paragraph 21A of Schedule 24 also has effect for the purposes of Schedule 41 to the Finance Act 2008 (c. 9) (penalties for failure to notify chargeability) and Schedule 55 to the Finance Act 2009 (c. 10) (the late filing of returns) (see paragraph 6A(7) of Schedule 41 to the Finance Act 2008 and paragraph 6A(7) of Schedule 55 to the Finance Act 2009, inserted by paragraphs 8 and 12, respectively, of Schedule 10 to the Finance Act 2010).

A full Impact Assessment has not been produced for this instrument as a negligible impact on the private and voluntary sectors is foreseen.

(1)

2007 c. 11. Paragraph 21A of Schedule 24 to the Finance Act 2007 is inserted by paragraphs 1 and 5 of Schedule 10 to the Finance Act 2010 (c. 13) from a day to be appointed.

(2)

See also paragraph 6A(7) of Schedule 41 to the Finance Act 2008 (c. 9) (penalties: failure to notify and certain VAT and excise wrongdoing) and paragraph 6A(7) of Schedule 55 to the Finance Act 2009 (c. 10) (penalties for failure to make returns etc). Paragraph 6A(7) of Schedule 41 to the Finance Act 2008 and paragraph 6A(7) of Schedule 55 to the Finance Act 2009 are inserted by paragraphs 8 and 12, respectively, of Schedule 10 to the Finance Act 2010 from a day to be appointed.

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