# The Offshore Asset Moves Penalty (Specified Territories) Regulations 2015 S.I. 2015/866 · made 26 March 2015 · revised to 12 December 2024 These 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) (“the Schedule”) has occurred. Under the Schedule, a person becomes liable to a penalty if there is “relevant offshore asset move” after the relevant time (determined in accordance with paragraph 5 of the Schedule) if the purpose or one of the main purposes of the move is to prevent or delay the discovery by Her Majesty’s Revenue and Customs of a potential loss of income tax, capital gains tax or inheritance tax for which that person is liable for the penalties specified in paragraph 2 of the Schedule in respect of a “deliberate failure” (see paragraph 3 of the Schedule). Made under: Finance Act 2015 (Schedule 21 paragraph 4) PDFs: Printed copy https://openlegislation.uk/offshore-asset-moves-penalty-specified-territories-regulations-2015/pdf/uksi_20150866_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/offshore-asset-moves-penalty-specified-territories-regulations-2015/pdf/uksiem_20150866_en.pdf ## Introductory text Capital Gains Tax Income Tax Inheritance Tax Made at 5.20 p.m. on 26th March 2015 Coming into force 27th March 2015 Laid before the House of Commons at 12.30 p.m. on 27th March 2015 The Treasury make the following Regulations in exercise of the powers 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) Regulations 2015 and come into force on 27th March 2015. ## 2 Territories specified The territories listed in the Schedule to these Regulations are specified for the purposes of Schedule 21 to the Finance Act 2015. ## Signature David Evennett Gavin Barwell Two of the Lords Commissioners of Her Majesty’s Treasury 5.20 p.m.26th March 2015 ## Albania, ... Andorra, Anguilla, Antigua and Barbuda, Bahrain, Argentina, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Barbados, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Brunei Darussalam, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Dominica, Ecuador, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Kazakhstan, Kenya, Korea (South), Kuwait, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macau, Malaysia, Maldives, Malta, Marshall Islands, Mauritius, Mexico, Moldova, Monaco, Montserrat, Nauru, Netherlands (not including Bonaire, St Eustice and Saba), New Caledonia, New Zealand (not including Tokelau), Nigeria, Niue, Norway, Oman, Pakistan, Panama, Peru, Poland, Portugal, Qatar, Romania, ... Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Saudi Arabia, Seychelles, Singapore, Sint Maarten, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, ... Turkey, Turks and Caicos Islands, Ukraine, United Arab Emirates, ... Uruguay , Vanuatu . ## Explanatory note (This note is not part of the Regulations) These 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) (“the Schedule”) has occurred. Under the Schedule, a person becomes liable to a penalty if there is “relevant offshore asset move” after the relevant time (determined in accordance with paragraph 5 of the Schedule) if the purpose or one of the main purposes of the move is to prevent or delay the discovery by Her Majesty’s Revenue and Customs of a potential loss of income tax, capital gains tax or inheritance tax for which that person is liable for the penalties specified in paragraph 2 of the Schedule in respect of a “deliberate failure” (see paragraph 3 of the Schedule). A “relevant offshore asset move” occurs upon the happening of any of the three events set out in paragraph 4(1) of the Schedule at the time when the person concerned beneficially owns the asset in question and remains its beneficial owner immediately after. One of the cases occurs where an asset ceases to be situated or held in a specified territory and becomes situated or held in a non-specified territory. Another case occurs where the person who holds the asset ceases to be resident in a specified territory and becomes resident in a non-specified territory. Any territory not specified by Regulations falls as a “non-specified territory” for these purposes. A Tax Information and Impact Note covering this instrument was published on 10th December 2014 alongside the draft Finance Bill and is available on the HMRC website at http://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this statement. --- Source: https://www.legislation.gov.uk/uksi/2015/866 (the official version) Page: https://openlegislation.uk/offshore-asset-moves-penalty-specified-territories-regulations-2015 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.