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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