Commentary

V7.293 Penalties—disclosure

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.293 Penalties—disclosure

Part V7 Tax planning | Commentary

V7.293 Penalties—disclosure

The aim of the penalty regime is to encourage compliance, which includes encouraging taxpayers to notify HMRC of inaccuracies in their VAT returns or in HMRC assessments, ie by making a disclosure. Penalties can be reduced by the quality of the disclosure and whether it is unprompted or prompted. A paraphrased summary of FA 2007, Sch 24, para 9, which provides details of what is meant by the quality of a disclosure and whether a disclosure is unprompted or prompted is as follows:

A person discloses an inaccuracy or an under-assessment by:

  1.  

    •     telling HMRC about it,

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