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The New Penalty Regime: What this means for business

In the second of two articles Paul Harrison and Richard Iferenta partners in KMPG LLP (UK) discuss the effect of the new penalty regime introduced by the Finance Act 2007 on businesses
The first part of this article published last week looked at the key changes from the current to the new penalty regimes. This week we will look at some of the impacts of the new regime and what businesses need to do.
In summary the key changes are:
●     the quantum of the penalty is largely driven by the behaviour which led to the inaccuracy;
●     a voluntary disclosure no longer precludes a penalty;
●     a new suspension regime has been introduced;

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