Commentary

I11.707 Mitigation of penalties

IHT, trusts and estates

I11.707 Mitigation of penalties

I11.707 Mitigation of penalties

The Board is not bound to institute penalty proceedings and it is expressly provided that it may in its discretion mitigate any penalty, or stay or compound any proceedings for recovery of any penalty, and may also, after judgment, further mitigate or entirely remit the penalty1. Indeed, the Board, as part of its overall management function, may accept an offer from a taxpayer or his personal representatives in settlement of IHT, interest and penalties without taking formal proceedings for their recovery. Such an acceptance gives rise to an enforceable agreement binding the taxpayer and his personal

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