HMRC has launched a consultation on proposed changes to penalties for failing to take corrective action in response to follower notices. The proposed changes would reduce the rate of follower notice penalty from 50% to 30% of the tax in dispute and introduce a penalty of 20% for those who the tribunal decides acted unreasonably by continuing their litigation against HMRC’s decision. The consultation closes at 11.45 pm on 27 January 2021.
HMRC has launched a consultation on proposed changes to penalties for failing to take corrective action in response to follower notices. The proposed changes would reduce the rate of follower notice penalty from 50% to 30% of the tax in dispute and introduce a penalty of 20% for those who the tribunal decides acted unreasonably by continuing their litigation against HMRC’s decision. The consultation closes at 11.45 pm on 27 January 2021.
