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Where Taxpayers and Advisers Meet

Offshore query/penalties question

Joined:Mon Aug 17, 2020 10:54 am
Offshore query/penalties question

Postby Samson22 » Mon Apr 26, 2021 7:27 pm

- ' For avoidance of doubt this is just query/clarification that does NOT effect me or anyone I know to the best of my knowledge

My query centres around what are called 'offshore transfers ' would I be correct in thinking provided there is actual offshore tax lost no matter how small such as say pety interest and you send ANY money offshore for something such as to pay holiday expenses_fill the blank provided you should have paid x amount the onshore amount will be subject to the much higher penalties(200% vs likely 70 or possibly 100%)
Seems to me that is how I read it? Or is it relevant to how much tax would be due on the said amount transferred? (Doesnt seem worded that way)

Some clarification please. I would think going forward if I am correct there will plenty of profitable of allegedly offshore penalties on the back of these offshore transfers as 1/10 are said to have foreign accounts and cant believe many declare the derisory sums. And seems again unless mistaken even purchases from abroad are caught to.

If correct Seems a bit much given these higher penalties apply to what is termed careless errors and someone doing a truly deliberate error onshore would suffer a penalty 3x less.

Call me sad just interested in this kinda thing.

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