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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
Author: Cathy Corns


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