The TACS Partnership point out that having a different view to HMRC on a tax issue does not necessarily result in penalties if the taxpayer’s view turns out to be wrong.
Tax is a complicated and difficult area of law. There are many ‘grey’ areas. Getting it wrong can and does happen; anything from omissions in tax returns to taking a considered view on the tax implications of a transaction that turns out to be incorrect.
Taxpayers will often engage professional tax advisers to advise on areas of uncertainty in the tax law. However, professional advisers are not immune from making mistakes.
Penalties and assessments
For example, suppose a tax professional is instructed to advise on the availability of a tax relief. The taxpayer claims the tax relief on their self
