31 janvier 2011

UK New penalties to tackle offshore tax evasion

hm revenu.gifHM Revenue & Customs (HMRC) has announced new penalties for offshore non-compliance.

HM Revenue & Customs (HMRC)


Tribune sur le Royaume Uni

These new penalties come into force from 6 April 2011 and apply to Income Tax and Capital Gains Tax. The first Self Assessment returns affected will be for the 2011-12 tax year, with paper returns due to be filed by 31 October 2012, and electronic returns by 31 January 2013.

The legislation can be found in Schedule 10 of Finance Act 2010.

How it works

Additional information

Liechtenstein disclosure Facility - runs from 1 September 2009 until 31 March 2015

Offshore bank accounts - should you pay tax

Check if your asset sale is liable for tax

Review of HMRCs powers - for tackling offshore tax evasion

New penalties

Inaccuracy penalty (PDF 95K) - simple summary

Failure to notify penalty (PDF 92 K) - simple summary

Failure to file a return on time


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