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The New Penalty Regime: What this means for business

In the first of two articles Karen Witton Director and Stephen Whitehead Senior Manager of KPMG LLP (UK) discuss the effect of thWhitehead the new penalty regime introduced by the Finance Act 2007 on businesses
Most practitioners will be aware that the 2007 Finance Act introduces a new regime for penalties for incorrect declarations and returns. This article together with next week's is intended to explain what these changes mean for businesses how they might impact and what businesses should do to prepare.
Background to the new regime
The changes are one of the products of the review of powers deterrents and safeguards that...

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