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.
Failure to notify
Things become a bit more complicated where taxpayers fail to notify HMRC where there is a chargeable event.
In addition to a breakdown of territory by category, each disclosure type (unprompted or prompted) gets subdivided based on how long it took for the taxpayer to come forward.
Category One:
Category Two:
Category Three:
Click through to see the penalty rates for deliberately withholding information from HMRC.
Tags: HMRC | Tax Evasion
