UK HMRC has launched a public consultation on draft regulations that make provision under paragraph 16(2) of Schedule 26 to the Finance Act 2021 for the assessment of penalties for failure to pay tax ("late payment penalties"). The consultation closes at 11:59 pm on 10 June 2024. --- Draft legislation: The Penalties for Failure to Pay Tax (Assessments) Regulations 2024 Consultation description These draft regulations relate to the reformed penalty system for late payment of tax, which is set out in Schedule 26 to the Finance Act 2021. Penalty Reform began for VAT taxpayers from 1 January 2023, and from...