CH117200 - Offshore matters: additional information: aims of Statutory Instrument 2017/345

One of the main reasons for the change in the legislation requiring a person liable for a penalty to disclose additional information, is to provide HMRC with a greater level of insight into how the offshore tax non-compliance occurred. The additional information should also disclose all of the parties and territories involved, see CH117400.

As well as helping HMRC to tackle the non-compliance by the taxpayer, the additional information should provide valuable information about the enablers of offshore tax evasion.

The purpose of SI 2017/345 is to define clearly what additional information a person must give to HMRC in order to receive the maximum reduction in the penalty.

This instrument requires a person (P) who is seeking reduction of a relevant penalty to tell HMRC

• If there was a person (the enabler) who encouraged, assisted or otherwise facilitated conduct by P that constitutes offshore tax evasion or non-compliance - Sch 20 FA 2016
• whether P is the sole or joint beneficial owner of an asset situated or held in any country outside the United Kingdom that is held on behalf of P by another person.

These instruments require that further information must be provided if either or both of these situations apply.

For more information on enablers, see CH124000.

SI 2017/345

Schedule 20 FA 2016