Tax penalties

Tax penalties

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I recall from my studies that tax penalties can be mitigated by certain percentages for things such as disclosure. Unfortunately cannot remember the legislation reference can anyone help?
Phil

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By andymeeson
07th Jun 2005 10:14

Legislation no great help
The legislation is TMA 1970 s.102, but that doesn't get you very far, since it merely gives the Board a discretion to stay or mitigate penalties.

The Board's policy is set out in Leaflet IR160, which is where you find that up to 20% may be mitigated for disclosure (30% if voluntary full disclosure is made before HMRC raise any queries), up to 40% for co-operation and up to 40% for seriousness (what we used to call "size and gravity").

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