½Û×ÓÊÓƵ

Penalties for late filing ― offshore issues

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Penalties for late filing ― offshore issues

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

Offshore matters / transfers

Penalties are levied where there is a failure to file on time for a return that involves an offshore matter or an offshore transfer. Under these rules, the maximum penalty can be up to 200% of the tax at stake depending on a number of criteria.

Full details are in Simon’s Taxes A4.575A.

Scope

The rules in relation to penalties for a failure to file on time which involve offshore matters or transfers only apply when all of the following criteria are met:

  1. •

    the failure is deliberate, continues for 12 months after the due date for filing of the return and, because of the failure, HMRC is not able to accurately determine the taxpayer’s liability

  2. •

    the return involves an ‘offshore matter’ or transfer (see below)

  3. •

    the tax at stake is either income tax, capital gains or inheritance tax, and

  4. •

    the inaccuracy is within either category 2 or category 3 (see below)

FA 2009, Sch 55, paras 6, 6AA, 6AB; SI 2016/456

Therefore, these increased penalties

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Transfer of assets to beneficiaries ― legal, administration and tax issues

Transfer of assets to beneficiaries ― legal, administration and tax issuesThis guidance note outlines how assets are transferred to beneficiaries and the tax consequences that flow from the transfer. Whether a payment is income or capital is discussed in the Payments to trust beneficiaries guidance

14 Jul 2020 13:52 | Produced by Tolley Read more Read more

Losses on shares set against income

Losses on shares set against incomeUsually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note

14 Jul 2020 12:12 | Produced by Tolley Read more Read more

Enterprise management incentive schemes

Enterprise management incentive schemesWhat is an enterprise management incentive (EMI) scheme?The enterprise management incentive (EMI) scheme is a tax-advantaged share option employee incentive scheme aimed at small entrepreneurial companies that meet certain conditions. It is designed to assist

14 Jul 2020 11:36 | Produced by Tolley Read more Read more