 |
OFFSHORE PENALTIES COULD
REACH 200% |
HMRC have reminded taxpayers that
from 6 April 2011, as announced in the previous government's
final Budget, penalties for offshore non-compliance relating
to income tax and capital gains tax will be linked to the
tax transparency of the country involved.
Penalties will remain the same for
under-declared income and gains from territories with
automatic exchange of information on savings with the UK,
but for territories that exchange information on request
with the UK and least developed countries without
information-sharing agreements with the UK, the penalty will
be 1.5 times that due under existing rules: up to 150%.
Penalties relating to undeclared
income from territories that do not automatically share tax
information with the UK will be double that due under the
existing rules: up to 200%. The first self assessment
returns to which the penalties would apply are those
concerning the 2011/12 tax year.
For advice on YOUR
OFFSHORE INCOME, and how this affects you, contact us Here
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