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
Articles from this Author
20th July, 2017
Uncertain times for winding up transactions
3rd July, 2017
9th June, 2017
27th April, 2017
Government places Making Tax Digital legislation on hold
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole