655. Asset-Based Penalties For Offshore Inaccuracies And Failures. | Taxation Law | LexisNexis

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655. Asset-based penalties for offshore inaccuracies and failures.

An asset-based penalty is payable by a person ('P') where one or more standard offshore tax penalties have been imposed on P in relation to a tax year and the potential lost revenue threshold is met in relation to that tax year

(19) Returns, Assessments And Legal Proceedings

614. Notice of liability to income tax and capital gains tax.

615. Notice of liability to corporation tax.

616. Personal return.

617. Trustees' return.

618. Company tax return.

619. Partnership return.

620. Self-assessment.

621. Amendment and correction of returns.

622. Amendment of partnership statement and company self-assessment.

623. European Economic Interest Groupings.

624. Power to inquire into personal and trustees' returns.

625. Simple assessments by the Commissioners for HM Revenue and Customs.

626. Power to inquire into company tax returns or partnership return.

627. Records to be kept for the purposes of personal, trustees' and partnership returns.

628. Duty to keep and preserve records for the purposes of company tax returns.

629. Failure to make return for income tax.

630. Failure to file real time information for PAYE.

631. Failure to make a return for corporation tax.

632. Failure to make partnership return.

633. Failure to make a return by a European Economic Interest Grouping.

634. Incorrect return or accounts for corporation tax and incorrect partnership return.

635. Savings income: EU obligations and international arrangements.

636. Electronic documents etc and production of computer records etc.

637. Orders for delivery of documents.

638. Falsification of documents etc.

639. Powers to obtain information and documents.

640. Powers to inspect business premises etc.

641. Powers to inspect property for valuation etc.

642. Restrictions on powers.

643. Appeals against taxpayer notice.

644. Special cases.

645. Penalties.

646. Offences.

647. Powers to obtain contact details for debtors.

648. Power to require provision of data.

649. Penalties for non-compliance with special requirements; in general.

650. Penalties in connection with offshore asset moves.

651. Penalties relating to disclosure of tax avoidance schemes.

652. Penalties for enablers of offshore tax evasion or non-compliance.

653. Special penalties.

654. Penalties for errors.

655. Asset-based penalties for offshore inaccuracies and failures.

656. Penalties in connection with companies ceasing to be UK resident.

657. Penalties for failure to notify.

658. Publishing information relating to deliberate tax defaulters.

659. Determination of penalties by officer of Revenue and Customs.

660. Multiple penalties in respect of same tax.

661. Penalty proceedings before the First-tier Tribunal.

662. Penalty proceedings before the court.

663. Evidence for purposes of proceedings relating to penalties.

664. Evidence in cases of fraudulent conduct.

665. Mitigation of penalties.

666. Nature of and time limit for proceedings.

667. Exclusion for specific penalties.

668. Claims for relief and exemptions.

669. Assessment where loss of tax discovered.

670. Assessing income tax on trustees and personal representatives.

671. Assessments to corporation tax.

672. Excessive assessments or repayments; companies.

673. Meaning of 'discovers'.

674. Errors or mistakes in returns; individuals.

675. Error or mistake in a partnership return.

676. Official errors.

677. Errors which do not invalidate assessments.

678. Double assessments.

679. Alteration of assessment.

680. Finality of assessment.

681. Time for assessment.

682. Loss of tax brought about carelessly or deliberately, or involving offshore matter or offshore transfer.

683. Effect of assessment where allowances transferred.

684. Dishonest conduct.

685. Electronic lodgement of tax returns and electronic communications etc; in general.

686. No general right of appeal.

687. Review of decision by Her Majesty's Revenue and Customs.

688. Reviews and appeals.

689. Appeals; right of appeal.

690. Appeal against closure notice.

691. Right of appeal against assessment not limited.

692. Appeals against penalty determinations.

693. Other appeals.

694. Determination of certain questions treated as appeal.

695. Recovery of tax not postponed.

696. Appeals and alternative dispute resolution; in general.

697. Failure to comply with rules: in general.

698. Orders for costs: in general.

699. Representatives: in general.

700. Starting proceedings; in general.

701. Categories of cases.

702. Respondent's statement of case.

703. Further steps in default paper, standard and complex cases.

704. Hearings.

705. Burden of proof; evidence.

706. Evidence, submissions and witnesses.

707. Tribunal need not accept evidence.

708. Withdrawal of appeal; settlement by agreement.

709. Withdrawal of case: procedure.

710. Lead cases.

711. Decision of tribunal.

712. Determination of appeal.

713. Determination of appeal against penalty determination by officer of Revenue and Customs.

714. Correcting and setting aside tribunal decisions.

715. Appeal from and review of tribunal decisions.

716. Appeals against penalty proceedings before tribunal.

717. Payment of tax where there is a further appeal.

718. Judicial review.

719. When payment of income tax is due.

720. Payment of income tax and capital gains tax: simple assessments.

721. Payments on account of income tax.

722. Payment of tax following amendment or correction of a self-assessment.

723. Managed payment plans.

724. When payment of corporation tax is due.

725. Payment of corporation tax by instalments.

726. Arrangements for payment of corporation tax on behalf of group members.

727. Companies ceasing to be UK resident.

728. Payment by electronic means: mandatory electronic payment.

729. Demands and receipts.

730. Interest on overdue tax.

731. Repayment interest on sums to be paid by Her Majesty's Revenue and Customs.

732. Interest on overdue income tax deducted at source.

733. Interest on overdue corporation tax.

734. Interest on, and recovery of, penalties.

735. Penalties for failure to pay tax on time.

736. Adjustment on grant of relief.

737. Repayment of tax.

738. Repayment supplement in respect of delayed tax repayments to individuals.

739. Interest on tax overpaid by companies; in general.

740. Interest on tax overpaid by companies; impact of reliefs.

741. Interest on tax overpaid to companies; recovery of excess payments.

742. Interest on tax overpaid by companies; power to make regulations.

743. Rates of interest.

744. Restitution interest.

745. Methods of recovery, time limits and distraint by collectors.

746. Recovery of tax in the High Court.

747. Evidence.

748. Claim to Crown privilege.

749. Officers of Revenue and Customs cannot create an estoppel; admission not conclusive.

750. Recovery of tax in county courts.

751. Recovery of tax in magistrates' courts.

752. Preferential debts.

753. Joint and several liability of company directors etc.

754. Director of Revenue and Customs Prosecutions and Director of Public Prosecution.

755. Confidentiality and disclosure.

756. Criminal proceedings not barred.

757. Offences under the Income Tax Acts.

758. Compromise and civil money penalties in cases of fraud.

759. Application of the Police and Criminal Evidence Act 1984: overview.

760. Power to reward.

761. Forms of returns and other documents.

762. Lost or destroyed documents.

763. Delivery and service of documents.

764. Disclosure of information; in general.

765. International tax enforcement arrangements.

766. Personation or obstruction of officer.

767. Inspection and Complaints.