HMRC has updated its guidance SDRT:
penalties and appeals to expand the section on penalties for missing a
notification or payment deadline on or after 1 January 2015. In addition to the
standard late-notification penalties, HMRC can charge daily penalties of £10
for each day that the notification remains outstanding, where the failure to
notify the transaction continues for more than three months.
The updated guidance confirms that HMRC must give notice in
writing of its intention to start charging daily penalties and confirm the date
the penalties start to run. That date will be set out by HMRC in the notice,
and may be earlier than the date of the notice, but must be ‘at least three
months after the penalty date’. HMRC also notes that previous notification
history will be taken into account when deciding whether daily penalties are to
apply.
HMRC has updated its guidance SDRT:
penalties and appeals to expand the section on penalties for missing a
notification or payment deadline on or after 1 January 2015. In addition to the
standard late-notification penalties, HMRC can charge daily penalties of £10
for each day that the notification remains outstanding, where the failure to
notify the transaction continues for more than three months.
The updated guidance confirms that HMRC must give notice in
writing of its intention to start charging daily penalties and confirm the date
the penalties start to run. That date will be set out by HMRC in the notice,
and may be earlier than the date of the notice, but must be ‘at least three
months after the penalty date’. HMRC also notes that previous notification
history will be taken into account when deciding whether daily penalties are to
apply.
