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Robert Newey & Co
Solicitors and Chartered Tax Advisers |
A new penalty regime applies to tax periods starting on or after 1st April 2008, where documents are due to be filed on or after 1st April 2009. The regime applies to income tax, capital gains tax and corporation tax ("direct taxes"), and also to VAT. In future it is intended to extend the new regime to cover essentially all taxes.
The new rules are set out in the Finance Act 2007, Schedule 24.
Under the new regime there are penalties for:
HMRC have power to suspend penalties in some circumstances.
In future it is also intended to introduce a further penalty, to be imposed on third parties who deliberately supply false information to, or withhold information from, a taxpayer.
Click here to download a more detailed note (PDF).
Last updated 14th April 2009
Important note: All technical notes on this site are necessarily simplified. Also, tax law and practice can change very fast. Always take detailed, specific advice before taking, or deciding not to take, any action.
