This month's review of tax cases and tax news including late notification for enhanced life allowance protection refused, penalties for late filing set aside over timing issues, Diageo clashes with HMRC over diverted profits tax
Late notification for enhanced life allowance protection refused
Twaite v Revenue and Customs [2017] UKFTT 591 concerned an appeal against HMRC’s refusal to accept Alan Twaite’s late notification seeking enhanced protection for the lifetime allowance charge regarding his pension benefits.
An initial calculation made by Twaite’s advisers in March 2006 decided that enhanced protection under Finance Act 2004 (FA 2004), Sch 36, para 12 would not be necessary as his lifetime allowance would not be exceeded.
No notification of reliance on enhanced protection was made, although Twaite did warn his advisers that he believed the calculation underestimated the amount of his pension. The final date for making the notification was 5 April 2009.
