HMRC have announced new penalties to tackle offshore non-compliance. These new penalties come into force from 6 April 2011 and apply to Income Tax and Capital Gains Tax. The first Self Assessment returns affected will be for the 2011/12 tax year, with paper returns due to be filed by 31 October 2012, and electronic returns by 31 January 2013. The new penalties classify territories into three groups, which determine what level of penalty will apply for non-compliance. The legislation can be found in FA 2010 Sch 10.
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