Thousands of tax payers who owe HMRC underpaid tax could be handed a ‘get out of jail free’ card. A little known clause in the HMRC rule book has already helped a quarter of the 50,000 taxpayers who have tried to use it to get out of paying the underpaid tax they owe. Under the clause, the treasury must give up the tax owed if it does not follow it’s procedures correctly; to follow its rules correctly HMRC must correctly use the information supplied by the tax payer or their employer and it must inform tax payers of any underpayment within 12 months of the relevent tax year.
As we are in the 2010/11 tax year, this means anyone who underpaid during the 2007/08 or 2008/09 years may be able to use the concession, if applicable, as HMRC only informed taxpayers during the second half of 2010.
See the full story here and get ready to be happy if you’re one of the thousands that owe underpaid tax from 2 or more years ago!
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