SCHEDULES

SCHEDULE 10Penalties: offshore income etc

Schedule 55 to FA 2009

I111

1

Paragraph 6 (amount of penalty if failure continues more than 12 months) is amended as follows.

2

In sub-paragraph (3)(a), for “100%” substitute “ the relevant percentage ”.

3

After sub-paragraph (3) insert—

3A

For the purposes of sub-paragraph (3)(a), the relevant percentage is—

a

for the withholding of category 1 information, 100%,

b

for the withholding of category 2 information, 150%, and

c

for the withholding of category 3 information, 200%.

4

In sub-paragraph (4)(a), for “70%” substitute “ the relevant percentage ”.

5

After sub-paragraph (4) insert—

4A

For the purposes of sub-paragraph (4)(a), the relevant percentage is—

a

for the withholding of category 1 information, 70%,

b

for the withholding of category 2 information, 105%, and

c

for the withholding of category 3 information, 140%.

6

After sub-paragraph (5) insert—

6

Paragraph 6A explains the 3 categories of information.