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Daily penalties withdrawn after taxpayer representations.
Reports of substantial penalties being levied for late submission of non-resident capital gains tax (NRCGT) returns have prompted the Chartered Institute of Taxation to voice its concerns to HMRC about its approach to these cases and also the lack of targeted publicity about the measure.
HMRC has confirmed that penalties for the late filing of an NRCGT return are in line with those for other types of returns and depend on how late the return is. It also has discretion to charge daily penalties of £10 for returns that are filed between three and six months late.
But, because of representations from taxpayers and agents, HMRC has confirmed that it will no longer issue daily penalties for late NRCGT returns and will withdraw past daily penalties.
For details, see the CIOT website at here.
