HMRC refunds £1.8m child benefit tax penalties

HMRC has made £1.8m in refunds to nearly 5,000 taxpayers as a result of cancelling ‘failure to notify’ penalties in high income child benefit charge (HICBC) cases, on the grounds they had a reasonable excuse.

The raft of cases related to higher rate taxpayers who had not informed the tax authority that they would opt out of child benefits as they earned over £50,000 after complicated changes to child benefit payments introduced by former Chancellor George Osborne from 2013.

Read more at the Accountancy Daily.