The Offshore Asset Moves Penalty (Specified Territories) Regulations 2015
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).