Tom Rowbotham provides a refresher guide to the penalty regime.
As 
a result of HMRC’s ongoing long-term review of its powers deterrents and safeguards many significant changes have been made to various penalties for failure to comply with aspects of UK tax legislation. Two of the main objectives of the changes are to align the penalties imposed across all taxes as far as possible and ultimately to encourage improved compliance.
These changes in the majority of cases are leading to higher financial penalties being imposed. In this article we set out details of some of the penalty regimes together with some of the issues that we have seen arising.
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