- The Chartered Institute of Taxation (CIOT) is calling on the government to address unfair tax rules.
- The CIOT is urging the government to reintroduce rules that allow HMRC to waive interest on underpaid VAT when no actual tax loss to the Exchequer occurs.
- The CIOT believes that the current system is unfair because it charges interest in situations where there is no net loss of tax.
- The CIOT is calling for the reinstatement of commercial restitution, which would allow HMRC to exercise discretion in charging interest.
Source: grantandco.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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