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This is the original version (as it was originally enacted).
2(1)A penalty is payable by a person (P) where—
(a)an assessment issued to P by HMRC understates P’s liability to tax, and
(b)P has failed to take reasonable steps to notify HMRC, within the period of 30 days beginning with the date of the assessment, that it is an under-assessment.
(2)In deciding what steps (if any) were reasonable HMRC must consider—
(a)whether P knew, or should have known, about the under-assessment, and
(b)what steps would have been reasonable to take to notify HMRC.
(3)In sub-paragraph (1) “tax” means—
(a)income tax,
(b)capital gains tax,
(c)corporation tax, and
(d)VAT.
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