HMRC have amended their guidance at para. CH 82160 of the Compliance Handbook (Penalties for Inaccuracies: Calculating the penalty: Potential Lost Revenue: Single inaccuracy).
The amended text reads as follows:
“The normal rule for potential lost revenue is that it is the additional amount due or payable in respect of tax as a result of:
- putting right an inaccuracy, including an inaccuracy attributable to another person, see CH81075 and CH81165, or
- failing to tell HMRC about an under-assessment, or
- an inaccurate repayment or credit having been made by HMRC as a result of the inaccuracy, or
- a repayment or credit that would have been incorrectly made by HMRC if the inaccuracy had not been corrected.”
https://www.gov.uk/hmrc-internal-manuals/compliance-handbook/ch82160
Related content from Claritax Books
In Taxpayer Safeguards – Rights and Protections for Individuals, written by the late Robin Williamson and now updated by Keith Gordon, the authors explore the whole spectrum of protections available to individual taxpayers.
