The UK's Upper Tribunal (UT) has imposed a £350,000 penalty on a taxpayer who did not comply with an information notice.
It was calculated by reference to the tax believed to be underpaid, according to Smith & Williamson.
This type of penalty is reserved for serious cases of non-compliance, which here amounted to a failure to provide HMRC with any information about an offshore trust.
HMRC believed the taxpayer had settled an offshore trust of which he was t...
Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.
You are currently not logged in,
login to view the full article
start by clicking this button.
Need a subscription,
fill out the form here or
contact subs@eprivateclient.com
PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.
Read more about PAMeprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.
Read more
