7 tax penalty & prosecution changes for Tax Year 26
Synopsis New income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from October 2024. Prosecution provisions
Synopsis New income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from October 2024. Prosecution provisions are softened with reduced jail terms and graded punishments. Several penalties are converted into fixed fees to reduce litigation and bring certainty. Penalty proceedings will merge with assessment proceedings from April 2026.
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