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MIKE DOWN and JAMES MILTON review the inaccuracy penalty regime and ask whether it is behaving as anticipated
KEY POINTS
- The new penalty regime should be a fairly simple concept.
- A reminder of the maximum and unprompted and prompted penalty charges.
- Are HMRC now seeking to charge penalties whenever they can?
- There must be an admission of guilt before a penalty can be suspended.
- A penalty may arise even if a mistake is innocent.
New ‘behaviour-based’ penalties for incorrect tax returns were introduced by FA 2007 Sch 24 and came into effect from 2008/09 onwards.
Now that the regime based on ‘potential lost revenue’ (PLR) has had three rounds of income tax returns under its remit this article seeks to compare and contrast a range of experiences and asks – ‘was it meant to be like this?’
The concept of the...
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