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A Havercroft (TC4571)
The taxpayer retired in 2013 aged 55 and started to receive a pension. In 2012/13 the pension was £8 468 and tax of £2 613.16 was deducted at source. He started his own business and filed a 2012/13 self-assessment tax return in December 2013. Unfortunately he did not complete boxes 10 or 11 requiring pension income and tax deducted.
In September 2014 HMRC opened an enquiry into the return and calculated that additional income tax of £1 775 was due – this was mainly because his annual income exceeded £100 000 so part of his personal allowances were lost.
HMRC charged a penalty of £266.34 under FA 2008 Sch 24 and the taxpayer appealed. He argued that although he had completed tax returns for many years he had made a mistake in not declaring...
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