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.