Higher penalties for involving offshore matters
HMRC has issued a factsheet that gives information about the higher penalties HMRC can charge for Income Tax and Capital Gains Tax when an offshore matter is involved. This factsheet sets out:
• when HMRC may charge a higher penalty
• what an offshore matter is
• how HMRC work out the amount of the penalty.
The penalties apply from 6 April 2011 to incorrect returns and from 6 April 2012 for failures to notify.
Date: 13th June, 2012
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