HMRC future tax treatment of tax refunds
1. HMRC be required, where taxes have been levied illegally and/or overpayments made to them, to waive all taxes due in respect of the first £250,000 repaid and 50% of the next £250,000 to reflect the seriousness of misappropriating property,
2. HMRC be required to report to the House of Commons Committee of Public Account once in every 12 months advising during this period (a) separately, the number of refunds of tax made in respect of taxes levied illegally and/or overpayments made, and the amounts refunded in total (b) the individual amount of the largest ten refunds (c) the total loss to the exchequer in reducing and/or waiving taxes charged in respect of the refunds and (d) the new steps HMRC is taking to reduce such amounts in the following 12 months. This first report shall be required one calendar year from the passing of relevant legislation/regulations bringing this requirement by HMRC into effect.
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