News: Extended penalty regulations to lead to harsher fines
Brokers have been warned they face heftier fines from the taxman following the introduction of a new penalty regime.
At the start of April, HM Revenue and Customs (HMRC) extended penalty regulations, which were initially introduced for VAT and Income Tax a year ago, to all forms of tax including Insurance Premium Tax (IPT).
George Kelly, head of tax investigations at law firm Halliwells, explained that, in addition, new powers of entry and inspection had been extended to all forms of tax, allowing HMRC to inspect business premises, demand copy documents as well as information from third parties.
He said:
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
- FCA warns insurers, again, on undervaluing total loss motor claims
- Ajay Mistry launches insurance broker