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Incorrect returns
As expected HMRC are looking to implement the consultation document reviewing their powers.
To this end the Chancellor said that Finance Act 2007 Sch 24 is to be extended to create a single penalty regime for incorrect returns across all the taxes levies and duties administered by HMRC.
The penalty will be determined by the amount of tax understated the nature of the behaviour giving rise to the understatement and the extent of disclosure by the taxpayer. The use of suspended penalties will be extended.
For incorrect returns the measure is expected to be in force for return periods commencing on or after 1 April 2009 where the return is due to be filed on or after 1 April 2010.
New penalties for failure to notify are expected to have effect for failure to meet notification obligations that arise on or after...
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