Class 4 National Insurance contributions counted as ‘potential lost revenue’ in relation to a penalty for failure to notify chargeability.
The appellant did not submit tax returns for 2009/10 to 2012/13 inclusive, or give HM Revenue and Customs (HMRC) notice (under TMA 1970, s 7) that he was chargeable to income tax or capital gains tax (CGT) for those tax years.
Following an enquiry into the appellant’s tax position, HMRC assessed additional taxable income (subject to income tax and Class 4 National Insurance contributions (NIC)), and also computed chargeable gains on the disposal of four properties in the appellant’s name.
The appellant appealed against HMRC’s assessments (under TMA 1970, s 29) for 2010/11 to 2012/13 inclusive, and penalties (imposed under FA 2008, Sch 41) for failing to notify chargeability. The First-tier Tribunal (FTT) concluded ([2016] UKFTT
