SCHEDULES
C1SCHEDULE 24Penalties for errors
Annotations:
Modifications etc. (not altering text)
Part 1Liability for penalty
Under-assessment by HMRC
I12
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.
Sch. 24 applied (N.I.) (1.4.2008) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 7(2A)(b), 26(4) (as amended by S.R. 2008/129, regs. 1, 3(a), 4)