a:6:{i:1;a:5:{s:5:"order";s:1:"1";s:8:"media_id";s:5:"21730";s:3:"url";s:0:"";s:7:"caption";s:0:"";s:11:"description";s:787:"HM Revenue & Customs may charge a penalty of up to 200% of the tax due where:

There’s an inaccuracy, failure to notify or deliberate withholding of information;
It involves offshore matters in certain categories of ‘territory’ or is an offshore transfer; and,
The tax at stake is Income Tax or Capital Gains, or for Inheritance Tax transfers made on or after 1 April 2016.

Each type of infraction is sub-divided into three categories: non-deliberate, deliberate, and deliberate and concealed. And, each comes with its own penalty range, which is also dependent on whether the disclosure to HMRC was prompted or unprompted. Use the numbers under the image to click through to the next slide and read more.";}i:2;a:5:{s:5:"order";s:1:"2";s:8:"media_id";s:5:"20958";s:3:"url";s:0:"";s:7:"caption";s:28:"Location, location, location";s:11:"description";s:869:"The size of the penalty is also determined by the territory where the income or gains arose. For IHT it’s the place where the asset was located or to which it was transferred. Category One Territories that have agreed to automatically exchange information with the UK. Maximum penalty: 100%. Category Two Territories that only exchange information if asked by the UK. Maximum penalty: 150% Category Three Territories that have not agreed to share information with the UK: examples include Barbados, Cape Verde, Monaco, Panama, St Vincent & the Grenadines and the UAE. Maximum penalty: 200% It’s not just information about the assets that HMRC wants – the UK tax authority wants specific details about who, where, what, when and how. Click through to read more. ";}i:3;a:5:{s:5:"order";s:1:"3";s:8:"media_id";s:5:"16183";s:3:"url";s:0:"";s:7:"caption";s:18:"Outing the enabler";s:11:"description";s:914:"In addition to the offshore assets, HMRC wants information about:

Anyone who encouraged, assisted or facilitated the offshore tax evasion or non-compliance; and,
Assets held in any country outside the UK and any people or entities engaged to hold the assets on behalf of the evader.

HMRC will take into account the quality of information disclosed when working out any reduction in the penalty. What it wants to know includes and is not limited to:

The name and address of the enabler,
A description of what the enabler did to encourage, assist or facilitate the evasion,
A description of how first contact was made and later maintained,
The name/address of any joint beneficial owner of the asset held abroad,
Details of where the asset is/was held.

Click through to see the penalties";}i:4;a:5:{s:5:"order";s:1:"4";s:8:"media_id";s:5:"18249";s:3:"url";s:0:"";s:7:"caption";s:10:"Inaccuracy";s:11:"description";s:772:"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";}i:5;a:5:{s:5:"order";s:1:"5";s:8:"media_id";s:5:"18195";s:3:"url";s:0:"";s:7:"caption";s:17:"Failure to notify";s:11:"description";s:1074:"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. ";}i:6;a:5:{s:5:"order";s:1:"6";s:8:"media_id";s:5:"21735";s:3:"url";s:0:"";s:7:"caption";s:39:"Deliberately withholding and concealing";s:11:"description";s:319:"And finally, below are the penalties evaders can expect to be hit with if they are found to have hidden their activity from HMRC.

";}}

Higher offshore tax evasion penalties explained

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