Commentary

RCB/15/11 Penalties—change to HMRC's view of the operation of the delayed tax provisions for inaccuracy penalties

Part V16 Forms and other HMRC material

RCB/15/11 Penalties—change to HMRC's view of the operation of the delayed tax provisions for inaccuracy penalties

RCB/15/11 Penalties—change to HMRC's view of the operation of the delayed tax provisions for inaccuracy penalties

Revenue & Customs Brief, Issue 15. 6 April 2011

Introduction

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.

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.

Background

Under the 2007 Finance Act, new penalties were introduced for inaccuracies on returns or other

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