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HMRC internal manual

Compliance Handbook

Offshore matters: asset-based penalties: definitions: offshore matter

An offshore matter is an inaccuracy or failure that leads to a potential loss of revenue that is charged on or by reference to:

  • income arising from a source in a territory outside the UK
  • assets situated or held in a territory outside the UK
  • activities carried on wholly or mainly in a territory outside the UK
  • anything having effect as if it were income, assets or activities of a kind described above.

For further information on offshore matters in relation to the following penalties see below:

  • failure to file on time penalties, see CH112200
  • failure to notify penalties, see CH114200
  • inaccuracy penalties, see CH116200
  • failure to correct penalties, see CH123050.