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Finance Act 2007

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Changes over time for: Cross Heading: Assessment

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Version Superseded: 17/07/2013

Status:

Point in time view as at 06/04/2010.

Changes to legislation:

Finance Act 2007, Cross Heading: Assessment is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

AssessmentU.K.

13(1)[F1Where a person] becomes liable for a penalty under paragraph 1[F2, 1A] or 2 HMRC shall—U.K.

(a)assess the penalty,

(b)[F3notify the person], and

(c)state in the notice a tax period in respect of which the penalty is assessed.

[F4(1A)A penalty under paragraph 1, 1A or 2 must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.]

(2)An assessment—

(a)shall be treated for procedural purposes in the same way as an assessment to tax (except in respect of a matter expressly provided for by this Act),

(b)may be enforced as if it were an assessment to tax, and

(c)may be combined with an assessment to tax.

(3)An assessment of a penalty under paragraph 1 [F5 or 1A] must be made [F6before the end of the] period of 12 months beginning with—

(a)the end of the appeal period for the decision correcting the inaccuracy, or

(b)if there is no assessment [F7to the tax concerned] within paragraph (a), the date on which the inaccuracy is corrected.

(4)An assessment of a penalty under paragraph 2 must be made [F8before the end of the period of 12 months beginning with—

(a)the end of the appeal period for the assessment of tax which corrected the understatement, or

(b)if there is no assessment within paragraph (a), the date on which the understatement is corrected.]

(5)For the purpose of sub-paragraphs (3) and (4) a reference to an appeal period is a reference to the period during which—

(a)an appeal could be brought, or

(b)an appeal that has been brought has not been determined or withdrawn.

(6)Subject to sub-paragraphs (3) and (4), a supplementary assessment may be made in respect of a penalty if an earlier assessment operated by reference to an underestimate of potential lost revenue.

[F9(7)In this Part of this Schedule references to an assessment to tax, in relation to inheritance tax and stamp duty reserve tax, are to a determination.]

Textual Amendments

F1Words in Sch. 24 para. 13(1) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(2)(a); S.I. 2009/571, art. 2

F2Word in Sch. 24 para. 13(1) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(2)(b); S.I. 2009/571, art. 2

F3Words in Sch. 24 para. 13(1) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(2)(c); S.I. 2009/571, art. 2

F4Sch. 24 para. 13(1A) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(3); S.I. 2009/571, art. 2

F5Words in Sch. 24 para. 13(3) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(4)(a); S.I. 2009/571, art. 2

F6Words in Sch. 24 para. 13(3) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(4)(b); S.I. 2009/571, art. 2

F7Words in Sch. 24 para. 13(3) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(4)(c); S.I. 2009/571, art. 2

F8Words in Sch. 24 para. 13(4) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 12(5); S.I. 2009/571, art. 2

F9Sch. 24 para. 13(7) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 57 para. 5

Commencement Information

I1Sch. 24 para. 13 in force at 1.4.2008 for certain purposes, 1.7.2008 for certain purposes, 1.1.2009 for certain purposes, and 1.4.2009 in so far as not already in force by S.I. 2008/568, art. 2 (with art. 3)

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