From 1 October 2018 those who have unresolved offshore tax liabilities arising from periods prior to 6 April 2017 could face penalties of between 100% and 200%. In certain circumstances HMRC will be able to levy penalties up to 300% of the tax due.
The minimum penalty which will be levied is 100% of the tax due and the new penalty regime does not distinguish between deliberate actions and simple errors when determining penalties. If you take prompt advice now it may be possible for Edwin Coe’s Tax team to negotiate that no penalty is due at all but once the 1 October deadline has passed, that option will no longer be available to you.
In cases of deliberate misconduct asset based penalties may also arise.
ACT NOW before it is too late.
If you have any concerns that you might have a tax liability arising from an offshore asset, phone Edwin Coe’s Tax team without delay to have a free, confidential and no obligation discussion.
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Please note that this blog is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of this blog.
Edwin Coe LLP is a Limited Liability Partnership, registered in England & Wales (No.OC326366). The Firm is authorised and regulated by the Solicitors Regulation Authority. A list of members of the LLP is available for inspection at our registered office address: 2 Stone Buildings, Lincoln’s Inn, London, WC2A 3TH. “Partner” denotes a member of the LLP or an employee or consultant with the equivalent standing. This guide concerns the law in England and Wales and is intended for general guidance purposes only. It is essential to take specific legal advice before taking any action.