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Penalty for participating in VAT fraud.
A new penalty for taxpayers who knew or should have known their transactions were connected with VAT fraud is being considered by the government.
A consultation is exploring the case for the penalty, and asks several questions:
- How should the penalty be structured?
- Should it apply to company officers?
- Should it be reduced for co-operating with HMRC?
- Should those who participate in VAT fraud be named and shamed?
Comments should be emailed by 11 November 2016. After considering the responses, the government will decide whether to introduce the sanction.
