RCB/15/11 Penalties—change to HMRC's view of the operation of the delayed tax provisions for inaccuracy penaltiesRevenue & Customs Brief, Issue 15. 6 April 2011IntroductionThe purpose of this brief is to explain a change in how HM Revenue & Customs (HMRC) views the operation of the “delayed tax” provision of the new penalties for inaccuracies, introduced in Finance Act 2007 Sch 24, para 8.Who needs to read this?Customers who have been charged a penalty for an inaccuracy on a return that would have been automatically reversed in a subsequent return, but for a compliance check by HMRC. BackgroundUnder the 2007
Revenue & Customs Brief, Issue 15. 6 April 2011
The purpose of this brief is to explain a change in how HM Revenue & Customs (HMRC) views the operation of the “delayed tax” provision of the new penalties for inaccuracies, introduced in Finance Act 2007 Sch 24, para 8.
Customers who have been charged a penalty for an inaccuracy on a return that would have been automatically reversed in a subsequent return, but for a compliance check by HMRC.
Under the 2007
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