What are the benefits obtaining by private ruling?

​If any individual can apply for this private ruling they can many advantages once they apply the law correctly.  The effect of the private ruling will protects a person  in opposition with liability for a shortfall of tax even when the ruling is incorrect. The misleading and false statement penalty and some interest charges are not applied in these types of circumstances. If a person doesn’t want private ruling and their position which they adopt is incorrect means they need to pay underpaid tax and have to repay the overpaid benefits or grants. There may be a chance to give a penalty on underpaid tax and for overpaid welfare if not take any reasonable care. If there is any material difference in between the described scheme and what actually occurring, then the private ruling should not apply and if the law changed substantially then the  rule dealing with the changed law will ceases to apply.