Thursday, March 15, 2007

HMRC Porposals Not Fit For Purpose

The Institute of Chartered Accountants of Scotland (ICAS) have put the boot into HMRC proposals on tax penalties.

ICAS describe the proposals as "not fit for purpose".

In a press release issued today, ICAS say:

"The single penalty regime for non-payment or underpayment of taxes proposed by HM Revenue & Customs is not fit for purpose, according to The Institute of Chartered Accountants of Scotland (ICAS). Responding to HMRC’s consultation document, ICAS spells out two main problems with the proposals.

The legislation would introduce new concepts about what behaviour is reasonable, whilst failing to define what is expected of the taxpayer. This means that the ultimate arbiter in any dispute would be the tax inspector

The question is, will HMRC listen?

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