ARTICLE · 01 JULY 2011

Tax Update - Monday 27 June 2011

Smith & Williamson

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HMRC has issued a further consultation document following an initial consultation conducted earlier this year.

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Richard Mannion

1. General news

1.1 Consultation on the simplification of regulatory penalties

HMRC has issued a further consultation document following an initial consultation conducted earlier this year.

Since 2005, the Review of Powers has been undertaking a programme to review, align and modernise HMRC's legislative powers and safeguards. This programme includes new cross-tax penalty frameworks for inaccuracies in documents, failures to notify and failures to file a return or pay on time. Penalties for failure to comply with information requests from HMRC have also largely been modernised and this work is proposed to be completed by the reforms to data gathering powers which form part of the Finance Bill currently before Parliament.

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