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.
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