Kate Garcia and Thomas Wilkinson (Shoosmiths) review the consultation on the potential redesign or reform of penalties imposed for inaccuracies in tax returns and failures to notify.
HMRC are consulting on potential changes to penalties imposed in respect of inaccuracies in tax returns (under FA 2007 Sch 24) and failures to notify (under FA 2008 Sch 41) – particularly seeking views on options to simplify and strengthen these penalties.
The context
The consultation published on 26 March 2025 follows:
the Tax Administration Framework Review: enquiries and assessment powers penalties safeguards call for evidence launched in February 2024 which sought broad views on penalties as well as enquiry and assessment powers harmonisation and safeguarding; and
the Tax Administration Framework Review: new ways to tackle non-compliance consultation published in October 2024 which explored whether changes to existing powers could improve HMRC’s and taxpayers’...
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Kate Garcia and Thomas Wilkinson (Shoosmiths) review the consultation on the potential redesign or reform of penalties imposed for inaccuracies in tax returns and failures to notify.
HMRC are consulting on potential changes to penalties imposed in respect of inaccuracies in tax returns (under FA 2007 Sch 24) and failures to notify (under FA 2008 Sch 41) – particularly seeking views on options to simplify and strengthen these penalties.
The context
The consultation published on 26 March 2025 follows:
the Tax Administration Framework Review: enquiries and assessment powers penalties safeguards call for evidence launched in February 2024 which sought broad views on penalties as well as enquiry and assessment powers harmonisation and safeguarding; and
the Tax Administration Framework Review: new ways to tackle non-compliance consultation published in October 2024 which explored whether changes to existing powers could improve HMRC’s and taxpayers’...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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