Offshore hideaway penalties


HMRC have warned that individuals who have been evading taxes and concealing money offshore could face new penalties of up to 200%.

Commencing on the 6th of April 2011 the new penalties for offshore non compliance for income tax and capital gains tax will be linked to the tax transparency of the country involved. For nations which do not automatically disclose tax information with the UK, HMRC advises that there will be increased penalties in place for under-declared income and gains.