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The Tax Break | Tooth v HMRC: what now for discovery assessments in tax investigations?
Manage episode 292873281 series 2883205
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Discovery assessments are issued by HMRC inspectors to charge individuals and companies for lost tax. They have generated a huge volume of caselaw and the latest case looked at:
1) What constitutes a deliberate inaccuracy by the taxpayer? This matters because a deliberate loss of tax gives HMRC much longer to raise a discovery assessment. Broadly, the Supreme Court decided that only an intention to mislead counts and where an inaccurate entry is explained elsewhere in the document (a so called white space disclosure), there won't have been a deliberate inaccuracy.
2) Can a discovery assessment become stale if HMRC don't act quickly enough? The Supreme Court held not: despite a recent trend in the cases supporting this type of argument, the Supreme Court decided that, provided the statutory time limits are complied with, there is no additional requirement to act promptly.
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