Reviewing the effectiveness of the current offshore penalties regime

HMRC has introduced various offshore penalties over the last decade to deter offshore non-compliance. In that time, HMRC raised over 14,000 offshore penalties in relation to 7,000 cases. However, the introduction of international transparency frameworks such as the Common Reporting Standard (CRS), and the increased ability for HMRC to obtain and share taxpayer data, has changed the landscape significantly. HMRC is increasingly using third party data for nudges and prompts, and trialling sharing data directly with t...