HMRC has provided an update regarding penalty assessments in relation to protective assessments issued earlier this year in respect of the Worldwide Disclosure Facility (WDF) (which allows taxpayers to make a voluntary disclosure to HMRC relating to an offshore issue).
HMRC will now be reviewing the related penalty position in each case and contacting taxpayers to discuss the circumstances, following which taxpayers will receive a penalty explanation letter where HMRC conclude that a penalty is due. Subject to any further evidence provided by the taxpayer, a penalty assessment will be raised 30 days later. This does not affect taxpayers’ rights to appeal the penalty assessment or to ask to resolve matters through a contract settlement.
HMRC has provided an update regarding penalty assessments in relation to protective assessments issued earlier this year in respect of the Worldwide Disclosure Facility (WDF) (which allows taxpayers to make a voluntary disclosure to HMRC relating to an offshore issue).
HMRC will now be reviewing the related penalty position in each case and contacting taxpayers to discuss the circumstances, following which taxpayers will receive a penalty explanation letter where HMRC conclude that a penalty is due. Subject to any further evidence provided by the taxpayer, a penalty assessment will be raised 30 days later. This does not affect taxpayers’ rights to appeal the penalty assessment or to ask to resolve matters through a contract settlement.
