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Penalties

Inheritance Tax 2024/25

Authors:
Mark McLaughlin, CTA (Fellow) ATT (Fellow) TEP , Iris Wünschmann-Lyall, MA (Cantab) TEP , Chris Erwood, CTA ATT TEP , and Stephen Howe
Publisher:
Bloomsbury Professional
Publication Date:
November 2024
Law Stated At:
31 October 2024
Chapter 8: Compliance A new (and tougher) approach Degrees of culpability The level of penalties Strengthening civil deterrents for offshore tax avoidance Reduction in penalties for disclosure Careless: mitigation of 30% penalties Deliberate: mitigation of 70% penalties Deliberate and concealed: mitigation of 100% penalties Failure to file Incorrect returns Interest Suspension of penalties Shifting the blame onto the adviser Penalties for late payment Penalties for late filing ...

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