Higher offshore tax evasion penalties explained
By Kirsten Hastings, 3 Jul 18
The UK taxman has updated its factsheet on how it calculates new penalties for offshore tax evasion involving income tax, capital gains tax and inheritance tax.
Inaccuracy
The tables on the following pages are broken down by category of territory (one, two or three), the level of the breach (non-deliberate, deliberate, or deliberate and concealed), and whether or not the disclosure was prompted or unprompted.
The minimum penalty that can be charged depends on the tax year – for 2016/17 the minimum penalty for deliberate and deliberate/concealed increases by 10%.
Outlined are the maximum penalties that can be imposed:
Penalty rates for inaccuracies
Click through for the failure to notify penalties
Tags: HMRC | Tax Evasion
