HMRC has issued detailed information for tax payers about the higher penalties that may be charged for income tax, capital gains tax and inheritance tax which involves an offshore matter (example: income, assets or activities overseas), or an offshore transfer (example: where income, assets, proceeds are transferred outside the UK). These higher penalties may apply when there’s either an inaccuracy, a failure to notify the taxman or a deliberate withholding of information. For more details: https://bit.ly/1RVA6XO