HMRC consultations: May-June 2015

A roundup of the latest tax consultations including proposed changes to HMRC penalties and restricting tax relief for banks' compensation expenditure, plus draft legislation on tax-advantaged venture capital schemes to change EIS and VCT age limits

HMRC penalties

Issue date: 2 February 2015
Closing date: 11 May 2015

A consultation reviewing how HMRC apply penalties for failure to pay or meet deadlines for returns or registration and the potential improvements that can be made as they change the way they operate by delivering more services via a digital platform. HMRC are seeking comments from individuals and businesses on high-level issues surrounding policy design and any suitable possible alternatives, before consulting later on a specific proposal for reform.