Penalty for careless behaviour reduced by over 90%
Mr Fry had incorrectly made a capital loss claim in his tax return, the error was held by the Tribunal to be due to his carelessness and, therefore, subject to a penalty. However, Mr Fry had left the UK and so it was unlikely that the unused portion of the claimed loss would be used. Accordingly, the Tribunal agreed that the penalty should be calculated on only the used portion of the loss. The penalty was reduced from £163,192 to £5,183!
Date: 1st March, 2017
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