CH116210 - Offshore matters: inaccuracies penalties: definition of an offshore transfer

An inaccuracy involves an offshore transfer if

• it does not involve an offshore matter
• it is deliberate (whether concealed or not) and results in potential lost revenue
• the tax at stake is income tax, capital gains tax or inheritance tax, and
• the applicable condition of Para 4AA is satisfied.

For income tax, the applicable condition is satisfied if the income to which tax is charged, or any part of the income

• is received in a territory outside the UK, or
• is transferred before the filing date to a territory outside the UK.

For capital gains tax, the applicable condition is satisfied if the proceeds or any part of the proceeds of the disposal to which tax is charged

• are received in a territory outside the UK, or
• are transferred before the filing date to a territory outside the UK.

For inheritance tax, the applicable condition is satisfied if

• the disposition that gives rise to the transfer of value by reason of which the tax becomes chargeable involves a transfer of assets, and
• after the disposition but before the filing date the assets, or any part of the assets are transferred to a territory outside the UK.

FA2007 Sch 24 Para 4A

FA2007 Sch 24 Para 4AA
FA2015 Sch20 Para 4