Modifications etc. (not altering text)
C1Sch. 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)
C2Sch. 24 applied (6.4.2008) by The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004), Sch. 4 paras. 22(7), 31(8) (as amended by The Social Security (Contributions) (Amendment No. 3) Regulations 2008 (S.I. 2008/636), regs. 1(3)(b), 7)
2(1)A penalty is payable by a person (P) where—U.K.
(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.
Commencement Information
I1Sch. 24 para. 2 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)