The Tax Avoidance Schemes (Penalty) (Amendment) Regulations, SI 2010/2743, prescribe increased maximum daily penalties for failure to comply with certain disclosure obligations where a tax tribunal has made a disclosure order.
The Tax Avoidance Schemes (Penalty) (Amendment) Regulations, SI 2010/2743, prescribe increased maximum daily penalties for failure to comply with certain disclosure obligations where a tax tribunal has made a disclosure order.
‘Most promoters of avoidance schemes comply with their obligations to disclose, but a minority do not,’ HMRC said in its explanatory note. FA 2010 contains enhancements of the penalty regime, targeting ‘egregious non-compliance by promoters’.
The changes followed a consultation exercise that demonstrated ‘support for higher penalties in cases of deliberate failure to disclose’.
HMRC added: ‘These amendment regulations increase the new initial daily penalty, in line with the existing “secondary” daily penalty, from an amount not exceeding £600 per day to an amount not exceeding £5,000 per day where a failure to disclose continues after an order is made under FA 2004 s 306A or s 314A.'
The Tax Avoidance Schemes (Penalty) (Amendment) Regulations, SI 2010/2743, prescribe increased maximum daily penalties for failure to comply with certain disclosure obligations where a tax tribunal has made a disclosure order.
The Tax Avoidance Schemes (Penalty) (Amendment) Regulations, SI 2010/2743, prescribe increased maximum daily penalties for failure to comply with certain disclosure obligations where a tax tribunal has made a disclosure order.
‘Most promoters of avoidance schemes comply with their obligations to disclose, but a minority do not,’ HMRC said in its explanatory note. FA 2010 contains enhancements of the penalty regime, targeting ‘egregious non-compliance by promoters’.
The changes followed a consultation exercise that demonstrated ‘support for higher penalties in cases of deliberate failure to disclose’.
HMRC added: ‘These amendment regulations increase the new initial daily penalty, in line with the existing “secondary” daily penalty, from an amount not exceeding £600 per day to an amount not exceeding £5,000 per day where a failure to disclose continues after an order is made under FA 2004 s 306A or s 314A.'
