Introduction Summary
1.Section 35 and Schedule 10 amend the level of penalties that may be charged in cases where certain offshore income, gains or assets have not been declared to HM Revenue & Customs (HMRC). The existing penalty levels apply where the offshore matter concerns a jurisdiction which automatically exchanges information with the UK. For other jurisdictions, for income tax and capital gains tax (CGT) only, the penalties are increased by a factor of 1.5 or 2 depending on the tax transparency of the jurisdiction concerned.