# Finance Act 2007, Paragraph 9

Extent: E+W+S+N.I.

(A1) Paragraph 10 provides for reductions in penalties—
(a) under paragraph 1 where a person discloses an inaccuracy that involves a domestic matter,
(b) under paragraph 1A where a person discloses a supply of false information or withholding of information, and
(c) under paragraph 2 where a person discloses a failure to disclose an under-assessment.
(A2) Paragraph 10A provides for reductions in penalties under paragraph 1 where a person discloses an inaccuracy that involves an offshore matter or an offshore transfer.
(A3) Sub-paragraph (1) applies where a person discloses—
(a) an inaccuracy that involves a domestic matter,
(b) a careless inaccuracy that involves an offshore matter,
(c) a supply of false information or withholding of information, or
(d) a failure to disclose an under-assessment.
(1) A person discloses the matter by—
(a) telling HMRC about it,
(b) giving HMRC reasonable help in quantifying the inaccuracy , the inaccuracy attributable to the supply of false information or withholding of information, or the under-assessment, and
(c) allowing HMRC access to records for the purpose of ensuring that the inaccuracy , the inaccuracy attributable to the supply of false information or withholding of information, or the under-assessment is fully corrected.
(1A) Sub-paragraph (1B) applies where a person discloses—
(a) a deliberate inaccuracy (whether concealed or not) that involves an offshore matter, or
(b) an inaccuracy that involves an offshore transfer.
(1B) A person discloses the inaccuracy by—
(a) telling HMRC about it,
(b) giving HMRC reasonable help in quantifying the inaccuracy,
(c) allowing HMRC access to records for the purpose of ensuring that the inaccuracy is fully corrected, and
(d) providing HMRC with additional information.
(1C) The Treasury must make regulations setting out what is meant by “additional information” for the purposes of sub-paragraph (1B)(d).
(1D) Regulations under sub-paragraph (1C) are to be made by statutory instrument.
(1E) An instrument containing regulations under sub-paragraph (1C) is subject to annulment in pursuance of a resolution of the House of Commons.
(2) Disclosure—
(a) is “unprompted” if made at a time when the person making it has no reason to believe that HMRC have discovered or are about to discover the inaccuracy , the supply of false information or withholding of information, or the under-assessment, and
(b) otherwise, is “prompted”.
(3) In relation to disclosure “quality” includes timing, nature and extent.
(4) Paragraph 4A(4) to (5) applies to determine whether an inaccuracy involves an offshore matter, an offshore transfer or a domestic matter for the purposes of this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/2007/11/schedule/24/paragraph/9 (the official version)
Page: https://openlegislation.uk/finance-act-2007/schedule-24/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.