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Issue:
4479
/
Categories:
Comment & Analysis
, inaccuracies
, penalties
, Working Together
, Admin
, Compliance
A Working Together workshop considered penalties for inaccuracies
KEY POINTS
- Finance Act 2007 Sch 24 penalties are behaviour-based and can be as high as 100%.
- The case study concerned a potential penalty for an error in relation to the gain on an investment property.
- The taxpayer relied on her agent but entertained some thoughts that tax may be due on the sale.
- The managing serious defaulters programme aims to change taxpayers’ behaviour.
The operation of the FA 2007 Sch 24 penalty regime was the topic before the South West London Working Together group at a workshop on 7 November hosted again by Taxation.
Around 50 tax advisers including representatives from the various professional bodies and HMRC employees sat around half a dozen tables to discuss if and how penalties might be applied to a fictitious client who had got...
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