Section 106F — Taxes Management Act 1970: Offences under sections 106B to 106D: supplementary provision

Offences under sections 106B to 106D: supplementary provision 106F 1 Where a period of time is extended under subsection (2) of section 118 by HMRC , the tribunal or an officer (but not where a period is otherwise extended under that subsection), any reference in section 106B, 106C or 106D to the end of the period is to be read as a reference to the end of the period as so extended.

2 The Treasury may by regulations specify the amount (which must not be less than £25,000) that is to be the threshold amount for the purposes of sections 106B to 106D.

3 The Treasury may by regulations make provision as to the calculation for the purposes of sections 106B to 106D of—

a the amount of tax that is chargeable on or by reference to offshore income, assets or activities, and b the increase in the amount of tax that is so chargeable as a result of correcting an inaccuracy.

4 In sections 106B to 106D and this section “ offshore income, assets or activities ” means—

a income arising from a source in a territory outside the United Kingdom, b assets situated or held in a territory outside the United Kingdom, or c activities carried on wholly or mainly in a territory outside the United Kingdom.

5 In subsection (4), “ assets ” has the meaning given in section 21(1) of the 1992 Act, but also includes sterling.