CH122140 | Offshore matters: asset-based penalties: definitions: offshore matter

An offshore matter is an inaccuracy or failure that leads to a potential loss of revenue that is charged on or by reference to:

• income arising from a source in a territory outside the UK

• assets situated or held in a territory outside the UK

• activities carried on wholly or mainly in a territory outside the UK

• anything having effect as if it were income, assets or activities of a kind described above.

For further information on offshore matters in relation to the following penalties see below:

• failure to file on time penalties, see CH112200

• failure to notify penalties, see CH114200

• inaccuracy penalties, see CH116200

• failure to correct penalties, see CH123050.