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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 relations to the following penalties see:

  • Failure to file on time penalties – CH112200.
  • Failure to notify penalties  - CH114200.
  • Inaccuracy penalties  - CH116200.