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Review of the VAT penalty consultation document.
KEY POINTS
- Is the VAT penalty condoc of little concern?
- HMRC is seeking views on a new penalty regime.
- The knowledge principle and FA 2007 Sch 24 problems.
- The two principle options are summarised.
- Should the promise of easy money be a warning sign?
Readers will note that Robert Maas is unimpressed by the proposals in HMRC’s consultation document: Penalty for Participating in VAT Fraud. But elsewhere there appears to be little comment – is this because the proposals are uncontroversial or i the condoc flying beneath the radar?
The document’s purpose is to determine whether a new penalty should be introduced...
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