HMRC has published guidance in its Compliance Handbook regarding the offshore asset move penalty. The penalty is triggered by deliberate failures relating to income tax, CGT or IHT relating to certain offshore asset movement after 26 March 2015.
The penalty is set at 50% of the amount of the underlying penalty (Schedule 21, Finance Act 2015). It may be mitigated however if the taxpayer settles the tax, interest and penalties by contract settlement.
To read the guidance click here.