Penalties for Failure to File on Time: Types of penalties for failure to file on time: Occasional returns and returns for periods of 6 months or more: 12 months further penalties: Offshore matter: Definition of an offshore matter
This page currently only applies to returns
- for income tax, capital gains tax and registered pension schemes
- that involve an offshore matter , and
- where the relevant filing obligation arises on or after 6 April 2012.
It does not apply to the Construction Industry Scheme (CIS), see CH62300+.
Amount of penalties involving an offshore matter
Information involves an offshore matter if the liability to tax which would have been shown in the return includes a liability to tax charged on or by reference to one of the following.
- Income arising from a source in a territory outside the UK.
For example, the person may have an interest-bearing overseas bank account.
- Assets situated or held in a territory outside the UK.
‘Assets’ takes its meaning from TCGA92/S21(1) so it covers all forms of property. It includes
* physical assets such as land and buildings, * options, debts and incorporeal property generally, and * currency. Note that for these purposes currency includes sterling.
For example, the person may own or dispose of land or buildings overseas.
- Activities carried on wholly or mainly in a territory outside the UK.
For example, the person may have a trade (or a branch of a trade) overseas.
- Anything having effect as if it were income, assets or activities of a kind described above.