{
  "url": "https://openlegislation.uk/finance-act-2015/schedule-21/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-act-2015/schedule-21/paragraph-1.json",
  "legislation": "ukpga/2015/11",
  "legislation_title": "Finance Act 2015",
  "legislation_url": "https://openlegislation.uk/finance-act-2015",
  "path": "schedule/21/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) A penalty is payable by a person (“P”) where Conditions A, B and C are met.\n(2) Condition A is that—\n(a) P is liable for a penalty specified in paragraph 2 (“the original penalty”), and\n(b) where the original penalty is a penalty specified in paragraph (a), (b), (c) or (d) of paragraph 2, the original penalty is for a deliberate failure (see paragraph 3).\n(3) Condition B is that there is a relevant offshore asset move (see paragraph 4) which occurs after the relevant time (see paragraph 5).\n(4) Condition C is that—\n(a) the main purpose, or one of the main purposes, of the relevant offshore asset move is to prevent or delay the discovery by Her Majesty's Revenue and Customs (“HMRC”) of a potential loss of revenue, and\n(b) the original penalty relates to an inaccuracy or failure which relates to the same potential loss of revenue.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 21 para. 1(2)(b) inserted (6.4.2024 for specified purposes, 1.4.2026 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 44(2); S.I. 2024/440, reg. 2; S.I. 2026/370, reg. 3"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2015/11/schedule/21/paragraph/1",
    "retrieved_at": "2026-10-29T09:07:01.784220+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}