The government has introduced amending legislation in SI 2013/1618 to change the level of penalties which may be charged for inaccurate reporting of income from 14 specified countries. This is to reflect the entry into force of tax information exchange and enhanced tax cooperation agreements with Antigua and Barbuda, Armenia, Bahrain, Barbados, Belize, Dominica, Grenada, Liechtenstein, Mauritius, San Marino, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, and Switzerland.
Non-compliant individuals who become liable to penalties for evading tax on income or gains from sources, activities or assets outside the UK, are likely to be affected by the measure. An order will be made, amending the table of designated territories by reference to which the level of penalties for tax non-compliance involving income or gains arising offshore is set. The changes to the table of designated territories will take effect from 24 July 2013.
The government has introduced amending legislation in SI 2013/1618 to change the level of penalties which may be charged for inaccurate reporting of income from 14 specified countries. This is to reflect the entry into force of tax information exchange and enhanced tax cooperation agreements with Antigua and Barbuda, Armenia, Bahrain, Barbados, Belize, Dominica, Grenada, Liechtenstein, Mauritius, San Marino, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, and Switzerland.
Non-compliant individuals who become liable to penalties for evading tax on income or gains from sources, activities or assets outside the UK, are likely to be affected by the measure. An order will be made, amending the table of designated territories by reference to which the level of penalties for tax non-compliance involving income or gains arising offshore is set. The changes to the table of designated territories will take effect from 24 July 2013.
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