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It is clear the stakes have just been raised by HMRC in tackling offshore non-compliance. Failure to Correct (FTC) penalties will be in point for any tax found to be due for the relevant years (even where due to tax technical issues) through HMRC enquiries, Common Reporting Standard (CRS) exchange or otherwise discovered. These issues are not solely the domain of deliberate defaulters. Anyone with offshore aspects to their UK tax affairs, including non-residents liable to UK tax (e.g. offshore trustees and directors), are liable to unprecedented sanctions including penalties ranging from 100% to 200% of the tax due for relevant back years.
HMRC has, and continues to issue so-called “nudge” letters to taxpayers where information has been received by the authorities about offshore assets. We are aware of “nudge” letters regarding rental property owned offshore, banking information and Offshore Income Gains and Excess Reporting Income.
HMRC will also use its formal enquiry powers, eg, into submitted Tax Returns and where tax fraud is suspected use Code of Practice 9.
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