Commentary

A6.1217 Offshore tax penalties

Administration and compliance

A6.1217 Offshore tax penalties

A6.1217 Offshore tax penalties

Higher penalties for offshore non-compliance came into force on 6 April 20111. These apply where an offence consists of either:

  1.  

    •     failure to notify (see A4.540–A4.542)2

  2.  

    •     failure to make a return (see A4.575–A4.576)3, or

  3.  

    •     inaccuracy in a return (see A4.530–A4.536)4, and

the penalty relates to income tax or capital gains tax and involves certain offshore jurisdictions.

The mechanics of the penalty frameworks of the legislation listed above remain the same, but the level of the percentage used to determine the tax-geared penalty is set by reference to the jurisdiction in which the non-compliance arises. The harder

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