Taxes Management Act 1970 section 106F

Offences under sections 106B to 106D: supplementary provision

Section 106F provides supplementary rules that support the offshore tax offences in sections 106B to 106D, covering time limit extensions, the financial threshold, calculation methods, and the definition of "offshore income, assets or activities".

• Where HMRC, the tribunal or an officer extends a deadline under section 118(2), references in sections 106B to 106D to the end of a filing or notification period are read as the extended deadline instead.
• The Treasury may set by regulations the financial threshold for the offshore offences, which must be at least £25,000.
• The Treasury may also make regulations specifying how to calculate the amount of tax chargeable on offshore income, assets or activities, and the additional tax arising from correcting an inaccuracy.
• "Offshore income, assets or activities" means income from a source outside the UK, assets situated or held outside the UK, or activities carried on wholly or mainly outside the UK — with "assets" carrying the same broad meaning as in section 21(1) of the Taxation of Chargeable Gains Act 1992, but also including sterling.