ARTICLE · 20 AUGUST 2012

Weekly Tax Update - Monday 13 August 2012

Smith & Williamson

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The First Tier Tribunal has recently considered the case of Susan Roche (TC02019). Ms Roche had been made redundant in late April 2008 and received a redundancy payment of £194,748.

United KingdomTax

Richard Mannion

1. Private Clients

1.1. Penalty reduced by special circumstances

The First Tier Tribunal has recently considered the case of Susan Roche (TC02019). Ms Roche had been made redundant in late April 2008 and received a redundancy payment of £194,748. Ms Roche had subsequently moved house and put the papers relating to the redundancy into storage on the basis that she assumed that the redundancy payment would be reflected in the 2008/9 P60 in due course.

Ms Roche completed the 2008/9 tax return in January 2010 and omitted to include the redundancy payment, a small pension, a small benefit in kind and bank interest of £4,284. HMRC opened an enquiry into the tax return and Ms Roche immediately provided details of the omitted income.

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