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University Council members could be personally liable for new VAT evasion measures
18 October 2017 Amanda Darley, Head of Operations and Engagement
Hot on the heels of the introduction of the Criminal Finances Act 2017, the second Finance Bill of 2017 includes the expected measures to target businesses dealing with other businesses involved in VAT fraud. The bill introduces the following measures to penalise taxpayers who knew or should have known that the other party to a transaction was involved in VAT evasion in relation to that transaction (often referred to as 'the knowledge principle'):
A new fixed 30% penalty which cannot be mitigated by HMRC;
The possibility for HMRC to transfer liability for all or part of that penalty to trustees or company officers personally;
The potential to be named and shamed by HMRC.
Consequently this will introduce the possibility of university council (or equivalent) members or subsidiary company officers being personally liable for a penalty relating to VAT evaded by a third party, as well as the university/company itself. More information can be found in our full article here.
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18 October 2017 
Amanda Darley, Head of Operations and Engagement
