Suspended penalties

Simon Sweetman explains HMRC’s new powers to suspend a penalty and discusses the implications for taxpayers and agents.

One of the more interesting aspects of the new powers given to HMRC is the ability to suspend a penalty. Paragraph 14, Schedule 24 FA 2007 says that HMRC may suspend all or part of a penalty for a careless inaccuracy under paragraph 1 by notice in writing to the taxpayer (referred to as P).

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Comments

Merry go round

mikewhit | | Permalink

Still not bottomed out the penalty for SATR submitted mid Jan this year (nil tax, too) - there should be a refund for incorrect HMRC penalties !