What is the new unlimited tax-related penalty?
In some cases, normal penalties are ineffective. This might be because the benefit to the taxpayer of withholding information is far greater than the cost of the penalty, for example when a large amount of unpaid tax is at stake. In these circumstances there will be a new deterrent – a penalty related to the likely amount of the improper tax advantage gained by not providing the required information. This type of penalty can only be imposed by the upper Tribunal, which is equivalent to the High Court.
