VAT – PENALTY FOR A CARELESS ERROR – Appellant misunderstood the tax point for a land transaction – Premature claim for input tax – Appellant received maximum discount for prompted disclosure – one-off technical error – no real likelihood of tax loss – unusually large value of the transaction aggravated the monetary penalty – were there special circumstances – yes – penalty reduced to 7.5 per cent of the monetary value – Appeal allowed in part
[2011] UKFTT 107 (TC)
Bailii
England and Wales
VAT
Updated: 19 January 2022; Ref: scu.442879
