Compliance: Higher penalties for income tax 'involving offshore matters'

[Bumfluff]

200% penalties bloody hell

[ChimpMaster]

Note that this does not appear to relate to offshore EBTs etc. The document pertains to income earned abroad and not declared, for example interest on bank accounts or gains on foreign asset sales.

[LisaContractorUmbrella]

Higher penalties for offshore issues have been around a time now, I recall hearing about them on an update course a while back and it's included in the 2011 legislation books. How difficult it is for HMRC to get the information will determine the penalty (category 1 2 and 3).

I think they may have upped the penalties then perhaps - this only came out today I believe

[Clare@InTouch]

Higher penalties for offshore issues have been around a time now, I recall hearing about them on an update course a while back and it's included in the 2011 legislation books. How difficult it is for HMRC to get the information will determine the penalty (category 1 2 and 3).

[LisaContractorUmbrella]

Blimey HMR&C are having a field day today http://www.hmrc.gov.uk/compliance/cc-fs17.pdf