The Finance Act 2021 (Schedule 26 Second Penalty Assessments) (Appointed Day: Regulation Making Power) Regulations SI 2024/1132 bring FA 2021 Sch 26 into force on 12 November 2024 but only for the purposes of making regulations under para 16(2) of that Schedule.
Schedule 26 introduces a new two-tier late-payment penalty system under the making tax digital regime – escalating the penalty the longer the amount remains outstanding from the payment date.
Paragraph 16 sets out how HMRC are able to assess the penalties. Para 16(2) which is now being brought into force provides as follows: ‘HMRC may by regulations make provision for HMRC to assess a penalty under paragraph 8 at times or intervals before the end of the further penalty period.’
This means that HMRC would then be able to assess the second penalty which applies where tax remains due after 30 days (as...
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The Finance Act 2021 (Schedule 26 Second Penalty Assessments) (Appointed Day: Regulation Making Power) Regulations SI 2024/1132 bring FA 2021 Sch 26 into force on 12 November 2024 but only for the purposes of making regulations under para 16(2) of that Schedule.
Schedule 26 introduces a new two-tier late-payment penalty system under the making tax digital regime – escalating the penalty the longer the amount remains outstanding from the payment date.
Paragraph 16 sets out how HMRC are able to assess the penalties. Para 16(2) which is now being brought into force provides as follows: ‘HMRC may by regulations make provision for HMRC to assess a penalty under paragraph 8 at times or intervals before the end of the further penalty period.’
This means that HMRC would then be able to assess the second penalty which applies where tax remains due after 30 days (as...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
