HM Revenue & Customs (HMRC) has confirmed that their new points-based penalty regime will come into effect from 1 April 2022 and will apply to both Making Tax Digital (MTD) for VAT as well as MTD for Income Tax Self Assessment (ITSA). Their stated aim is to make penalties simple, fair and effective but, as the arguably illustrious ageing rocker, Meat Loaf might say, "Two Out of Three Ain't Bad".