CH122150 - Offshore matters: asset-based penalties: definitions: offshore transfer

An inaccuracy involves an offshore transfer if it does not involve an offshore matter and any of the following apply

  • It is deliberate (whether concealed or not) and results in potential lost revenue
  • taxable income, or any part of the income is received in a territory outside the UK
  • taxable income, or any part of the income is transferred to a territory outside the UK before the statutory filing date
  • disposal proceeds, or any part of the disposal proceeds giving rise to a charge to capital gains are received in a territory outside the UK
  • disposal proceeds, or any part of the disposal proceeds giving rise to a charge to capital gains tax are transferred to a territory outside the UK before the statutory filing date
  • assets that give rise to a charge to inheritance tax transfer are transferred to a territory outside the UK before the statutory filing date.

FA2007 Sch 24 Para 4A

FA2015 Sch20 Para 4AA