Commentary

A4.575 Introduction to offshore penalties

Administration and compliance

A4.575 Introduction to offshore penalties

Offshore penalties

A4.575 Introduction to offshore penalties

A number of additional civil penalties apply to non-compliance involving an offshore matter. These are:

  1.  

    (a)     general penalties for failures arising in connection with income, assets or activities outside the UK, see A4.575A

  2.  

    (b)     penalties for failures involving offshore asset transfers, see A4.575B

  3.  

    (c)     asset-based penalties for offshore inaccuracies and failures, see A4.575C; and

  4.  

    (d)     penalties for enablers of offshore tax evasion or non-compliance, see A4.576

For 2017/18 onwards there are also criminal offences consisting of failure to properly declare offshore income or gains1, see A7.434.

In March 2019 HMRC launched its No Safe

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