# The Offshore Asset Moves Penalty (Specified Territories) (Amendment) Regulations 2024

S.I. 2024/1195 · made 19 November 2024

These Regulations come into force on 12th December 2024. They amend the list of “specified territories” in the Schedule to the Offshore Asset Moves Penalty (Specified Territories) Regulations 2015 (S.I. 2015/866) (“the Specified Territories Regulations”). The Specified Territories Regulations specify the territories for the purposes of determining whether a “relevant offshore asset move” described in paragraph 4 of Schedule 21 to the Finance Act 2015 (c. 11) (“Schedule 21”) has occurred. A person becomes liable to a penalty under Schedule 21 if that person is already liable to a penalty specified in paragraph 2 of Schedule 21 (“the original penalty”) in respect of a “deliberate failure” (see paragraph 3 of Schedule 21) and, after the relevant time (determined in accordance with paragraph 5 of Schedule 21), that person makes a relevant offshore asset move (from a “specified territory” to a “non-specified territory”) for the purpose of preventing or delaying the discovery by His Majesty’s Revenue and Customs of the potential loss of income tax, capital gains tax or inheritance tax relating to the original penalty.

Made under: Finance Act 2015 (Schedule 21 paragraph 4)

PDFs: Printed copy https://openlegislation.uk/offshore-asset-moves-penalty-specified-territories-amendment-regulations-2024/pdf/uksi_20241195_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/offshore-asset-moves-penalty-specified-territories-amendment-regulations-2024/pdf/uksiem_20241195_en_001.pdf

## Introductory text

INCOME TAX
CAPITAL GAINS TAX
INHERITANCE TAX
Made 19th November 2024
Laid before the House of Commons 21st November 2024
Coming into force 12th December 2024
The Treasury make the following Regulations in exercise of the power conferred by paragraph 4(5) of Schedule 21 to the Finance Act 2015.

## 1 Citation and commencement

These Regulations may be cited as the Offshore Asset Moves Penalty (Specified Territories) (Amendment) Regulations 2024.

## 2 

These Regulations come into force on 12th December 2024.

## 3 Amendment of the Schedule to the Offshore Asset Moves Penalty (Specified Territories) Regulations 2015

The Schedule to the Offshore Asset Moves Penalty (Specified Territories) Regulations 2015 is amended as follows—
(a) for “Netherlands (including Bonaire, St Eustice and Saba)” substitute “Netherlands (not including Bonaire, St Eustice and Saba),” ;
(b) omit “Russia,” and “Trinidad and Tobago,”; and
(c) in the appropriate place insert the following—
“Albania,”,
“Azerbaijan,”,
“Ecuador,”,
“Georgia,”,
“Jamaica,”,
“Kazakhstan,”,
“Kenya,”,
“Maldives,”,
“Moldova,”,
“New Caledonia,”,
“Nigeria,”,
“Oman,”,
“Pakistan,”
“Peru,”,
“Taiwan,”,
“Thailand,”,
“Ukraine,”.

## Signature

Jeff Smith
Anna Turley
Two of the Lords Commissioners of His Majesty's Treasury
19th November 2024

## Explanatory note

(This note is not part of the Regulations)
These Regulations come into force on 12th December 2024. They amend the list of “specified territories” in the Schedule to the Offshore Asset Moves Penalty (Specified Territories) Regulations 2015 (S.I. 2015/866) (“the Specified Territories Regulations”). The Specified Territories Regulations specify the territories for the purposes of determining whether a “relevant offshore asset move” described in paragraph 4 of Schedule 21 to the Finance Act 2015 (c. 11) (“Schedule 21”) has occurred. A person becomes liable to a penalty under Schedule 21 if that person is already liable to a penalty specified in paragraph 2 of Schedule 21 (“the original penalty”) in respect of a “deliberate failure” (see paragraph 3 of Schedule 21) and, after the relevant time (determined in accordance with paragraph 5 of Schedule 21), that person makes a relevant offshore asset move (from a “specified territory” to a “non-specified territory”) for the purpose of preventing or delaying the discovery by His Majesty’s Revenue and Customs of the potential loss of income tax, capital gains tax or inheritance tax relating to the original penalty.
A Tax Information and Impact Note covering this instrument was published on 10 December 2014 alongside the draft Finance Bill and is available on the HM Government website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins It remains an accurate summary of the impacts that apply to this statement.

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Source: https://www.legislation.gov.uk/uksi/2024/1195 (the official version)
Page: https://openlegislation.uk/offshore-asset-moves-penalty-specified-territories-amendment-regulations-2024
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.