HMRC's effectiveness in tackling offshore non-compliance includes ¹:
- Imposing penalties for tax non-compliance involving offshore matters or transfers.
- Charging a minimum of 100% and a maximum of 200% penalty for Failure to Correct (FTC).
- Imposing higher penalties for offshore matters or transfers in certain categories of 'territory'.
- Charging offshore asset moves penalties and asset-based penalties in addition to higher penalties for an offshore matter or offshore transfer.
https://www.gov.uk/government/publications/compliance-checks-penalties-for-income-tax-and-capital-gains-tax-for-offshore-matters-ccfs17/compliance-checks-penalties-for-offshore-non-compliance-ccfs17
