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Issue:
4437
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Categories:
Comment & Analysis
, Admin
, Avoidance
, Companies
, Income Tax
, Investigations
, Self assessment
, VAT
The taxman’s powers to withhold repayments
KEY POINTS
- HMRC can hold onto repayments where there is an enquiry.
- Recent firming up on repayments in “tax avoidance” cases.
- Overpayment relief is valuable but watch time limits.
- Special relief only available if “unconscionable” for HMRC to retain the money.
- Easier to get overpaid NIC returned.
Few issues cause more frustration for clients and advisers than when a tax refund is thought to be due and despite calls to HMRC nothing happens.
Although simple delay and muddle are probably the most common reasons for delayed repayments this article looks at the various statutory provisions that either allow HMRC to retain funds or permit taxpayers to claim repayment.
In certain situations HMRC are allowed to hold on to a taxpayer’s money – sometimes for ever; but...
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