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New Penalties Regime

Richard Alderson, a Senior Manager in the PricewaterhouseCoopers LLP tax investigations network, provides a summary of the new penalties regime

 
Richard Alderson a Senior Manager in the PricewaterhouseCoopers LLP tax investigations network provides a summary of the new penalties regime
Background and Aims
 
Following the merger of the then Inland Revenue and Customs & Excise HMRC inherited a wide-ranging and confusing collection of penalty powers covering both direct and indirect taxes. In order to make the tax system simpler and more consistent the Finance Act (FA) 2007 Sch 24 was introduced in an attempt to align penalties for all taxes. FA 2008 introduced amendments and also introduced a new 'failure to notify' regime. As can be seen...

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