# Finance Act 2015, Paragraph 1


(1) A penalty is payable by a person (“P”) where Conditions A, B and C are met.
(2) Condition A is that—
(a) P is liable for a penalty specified in paragraph 2 (“the original penalty”), and
(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).
(3) Condition B is that there is a relevant offshore asset move (see paragraph 4) which occurs after the relevant time (see paragraph 5).
(4) Condition C is that—
(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
(b) the original penalty relates to an inaccuracy or failure which relates to the same potential loss of revenue.

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Source: https://www.legislation.gov.uk/ukpga/2015/11/schedule/21/paragraph/1 (the official version)
Page: https://openlegislation.uk/finance-act-2015/schedule-21/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.