SI 2017/277 sets 1 April 2017 and tax years commencing on or after 6 April 2016 for the coming into force of FA 2016, Sch. 22.

 The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017 appoints the days on which FA 2016, Sch. 22 comes into force. The Schedule introduces a new penalty for certain serious cases of tax inaccuracies or failures relating to offshore matters or offshore transfers. The amount of penalty is determined by reference to the value of the asset involved in the inaccuracy or failure.

The amendments made by Schedule 22 come into force on 1 April 2017 for all purposes, except for the purpose of exercising any of the powers afforded by paragraph 6 to make the regulations described therein, and have effect for inheritance tax purposes, in relation to transfers of value made on or after that day and for income tax and capital gains tax purposes, in relation to any tax year commencing on or after 6 April 2016.