Finance Act 2013 (c. 29)

SCHEDULES

SCHEDULE 50 U.K. Penalties: late filing, late payment and errors

Amendments to Schedule 56 to FA 2009: penalty for failure to make payments on time U.K.

14 (1) Paragraph 11 (assessment of penalty) is amended as follows. U.K.

(2) For sub-paragraph (4A) substitute—

“(4A) If an assessment in respect of a penalty is based on an amount of tax due or payable that is found by HMRC to be excessive, HMRC may by notice to P amend the assessment so that it is based upon the correct amount.

(4B) An amendment made under sub-paragraph (4A)—

(a) does not affect when the penalty must be paid;

(b) may be made after the last day on which the assessment in question could have been made under paragraph 12.”

(3) Omit sub-paragraph (5).