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JULIE CAMERON considers the differences in the application of old and new penalties for incorrect returns
KEY POINTS
- Potential lost revenue.
- Old penalty system applies to some years.
- Technical adjustments.
- Deliberate or careless behaviour.
- Possible suspension of penalty.
Finance Act 2007 Sch 24 introduced new behaviour-based penalties for incorrect tax returns due for filing from 1 April 2009. Because of this the new basis of calculation will run alongside the old for some years to come.
Following the initial spate of new regime penalties for incorrect VAT returns tax agents are now starting to see their application to errors in direct tax returns leading to ‘potential lost revenue’.
This article examines how penalties in direct tax cases might be applied in the coming years as well as comparing and contrasting the old and new systems.
Mr Carpenter local...
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