I'm reviewing my policy wording for my TLC35 insurance and I notice that I'm not insured under Section 8. (policy started in July).
Section 8 states:
Section 8. Chapter 5, Part 5 of the Income Tax (Trading & Other Income) Act 2005 Taxes, Interest and Penalties
Any taxes, interest and any additional payments necessarily arising from a settlement, which are both related to the tax
to be paid and capable of mitigation, which are imposed upon a policyholder or the appointed consultant by HMRC in connection with an enquiry by HMRC brought under Chapter 5, Part 5 of the Income Tax (Trading and Other Income) Act
2005.
However, section 9 and 10 are covered, which are:
Section 9. Status Enquiry Taxes and Interest
Section 10. Status Enquiry Penalties
And those section seem to me related to the tax I had to pay in the case I would be found to fall inside IR35.
Does anybody here has some examples on what Section 8 applies to?
Many thanks
Section 8 states:
Section 8. Chapter 5, Part 5 of the Income Tax (Trading & Other Income) Act 2005 Taxes, Interest and Penalties
Any taxes, interest and any additional payments necessarily arising from a settlement, which are both related to the tax
to be paid and capable of mitigation, which are imposed upon a policyholder or the appointed consultant by HMRC in connection with an enquiry by HMRC brought under Chapter 5, Part 5 of the Income Tax (Trading and Other Income) Act
2005.
However, section 9 and 10 are covered, which are:
Section 9. Status Enquiry Taxes and Interest
Section 10. Status Enquiry Penalties
And those section seem to me related to the tax I had to pay in the case I would be found to fall inside IR35.
Does anybody here has some examples on what Section 8 applies to?
Many thanks
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