OpenLegislation

Paragraph 4AA F1F2

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This paragraph makes provision in relation to offshore transfers.

(2)

Where the tax at stake is income tax, the applicable condition is satisfied if the income on or by reference to which the tax is charged, or any part of the income—

(a)

is received in a territory outside the UK, or

(b)

is transferred before the filing date to a territory outside the UK.

(3)

Where the tax at stake is capital gains tax, the applicable condition is satisfied if the proceeds of the disposal on or by reference to which the tax is charged, or any part of the proceeds—

(a)

are received in a territory outside the UK, or

(b)

are transferred before the filing date to a territory outside the UK.

(4)

Where the tax at stake is inheritance tax, the applicable condition is satisfied if—

(a)

the disposition that gives rise to the transfer of value by reason of which the tax becomes chargeable involves a transfer of assets, and

(b)

after that disposition but before the filing date the assets, or any part of the assets, are transferred to a territory outside the UK.

(5)

In the case of a transfer falling within sub-paragraph (2)(b), (3)(b) or (4)(b), references to the income, proceeds or assets transferred are to be read as including references to any assets derived from or representing the income, proceeds or assets.

(6)

In relation to an offshore transfer, the territory in question for the purposes of paragraph 4A is the highest category of territory by virtue of which the inaccuracy involves an offshore transfer.

(7)

“Filing date” means the date when the document containing the inaccuracy is given to HMRC.

(8)

“Assets” has the same meaning as in paragraph 4A.

Annotations

Textual amendments

F1

Sch. 24 paras. 4-4D substituted for Sch. 24 para. 4 (6.4.2011) by Finance Act 2010 (c. 13), s. 35(2), Sch. 10 para. 2; S.I. 2011/975, art. 2(1) (with art. 3)

F2

Sch. 24 para. 4AA inserted (with effect in accordance with art. 3(2) of the commencing S.I.) by Finance Act 2015 (c. 11), s. 120(2), Sch. 20 para. 4; S.I. 2016/456, art. 3(1)

Notes on Schedule 24

Modifications

C1

Sch. 24 applied (N.I.) (1.4.2008) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 7(2A)(b), 26(4) (as amended by S.R. 2008/129, regs. 1, 3(a), 4)

C2

Sch. 24 applied (6.4.2008) by The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004), reg. 81(1)(1A), Sch. 4 paras. 21A(8), 21D(9), 21F(12), 22(7), 31(8) (as amended by S.I. 2008/636, reg. 7; S.I. 2010/721, reg. 4; S.I. 2012/821, reg. 11)

C3

Sch. 24 applied (E.W.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), regs. 1(1), 13(3)(b), 40(4), 59(8)(b) (with reg. 1(4)(6))

C4

Sch. 24 applied (N.I.) (6.4.2009) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009 (S.R. 2009/128), regs. 1(1), 9(3)(b), 35(4), 54(8)(b)

C5

Sch. 24 modified (8.4.2010) by Finance Act 2010 (c. 13), Sch. 1 para. 37

C6

Sch. 24 applied (with modifications) (19.4.2013) by The Small Charitable Donations Regulations 2013 (S.I. 2013/938), regs. 1, 15

C7

Sch. 24 excluded (17.7.2014) by Finance Act 2014 (c. 26), Sch. 35 para. 13(a)

C8

Sch. 24 applied by 1993 c. 34, Sch. 20A para. 9A(6) (as inserted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(4))

C9

Sch. 24 applied (with modifications) by 1992 c. 4, s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)

C10

Sch. 24 applied (with modifications) by 1992 c.7 (N.I.) s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)

C11

Sch. 24 applied (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 85(4)

C12

Sch. 24 applied (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 50(3)

C13

Sch. 24 applied (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 24(3)

C14

Sch. 24 applied (with modifications) (1.5.2023) by The Value Added Tax (Margin Schemes and Removal or Export of Goods: VAT-related Payments) Order 2023 (S.I. 2023/68), arts. 1(1), 14 (with art. 1(2))

C15

Sch. 24 applied (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 40(2) (with reg. 1(3))

C16

Sch. 24 applied (24.4.2025 for the tax year 2023-24 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 (S.I. 2025/419), regs. 1(2)(3), 15(3)

Notes on Part 2

Modifications

C1

Sch. 24 excluded (17.7.2014) by Finance Act 2014 (c. 26), Sch. 35 para. 13(a)