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Please, sir…
KEY POINTS
- Is FA 2007 Sch 24 para 14 always being considered in investigation cases?
- HMRC’s guidance has been that a penalty will not be suspended if the under-declaration relates to a one-off transaction.
- In Eastman the First-tier Tribunal held that a penalty could be suspended in a single under-declaration.
- Previously HMRC’s view had been upheld in the case of A Fane.
- An ongoing obligation to file after the failure to disclose should mean that FA 2007 Sch 24 para 14(3) may apply.
- Omitting to request a penalty suspension could be seen as negligent.
Having battled for many months (and possibly years) with HMRC negotiating hard the enquiry has finally concluded. It was agreed that the client’s behaviour was careless and that there...
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