A new discussion document examines the range of penalties HMRC can use for non-compliance with regulatory obligations in individual tax and duty regimes, and explores options for simplification.
Recent Finance Acts introduced aligned penalties for the main tax offences, but they did not address ‘the plethora of different penalties that specifically apply for failures to comply with regulatory requirements or obligations relevant to each regime’.
Comments are invited by 11 March 2011. ‘If there is benefit in making legislative change in this area a full formal 12 week consultation will be published in summer 2011,’ HMRC said.
A new discussion document examines the range of penalties HMRC can use for non-compliance with regulatory obligations in individual tax and duty regimes, and explores options for simplification.
Recent Finance Acts introduced aligned penalties for the main tax offences, but they did not address ‘the plethora of different penalties that specifically apply for failures to comply with regulatory requirements or obligations relevant to each regime’.
Comments are invited by 11 March 2011. ‘If there is benefit in making legislative change in this area a full formal 12 week consultation will be published in summer 2011,’ HMRC said.
