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Finance Act 2008
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Changes over time for: Paragraph 46
Version Superseded: 20/03/2014
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Point in time view as at 19/04/2013.
Changes to legislation:
Finance Act 2008, Paragraph 46 is up to date with all changes known to be in force on or before 18 November 2024. 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.
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46(1)Where a person becomes liable for a penalty under paragraph 39 [F1, 40 or 40A], F2... —U.K.
(a)[F3HMRC may] assess the penalty, and
(b)[F4if they do so, they must] notify the person.
(2)An assessment of a penalty under paragraph 39 or 40 must be made [F5within the period of 12 months beginning with the date on which the person became liable to the penalty, subject to sub-paragraph (3)].
[F6(3)In a case involving an information notice against which a person may appeal, an assessment of a penalty under paragraph 39 or 40 must be made within the period of 12 months beginning with the latest of the following—
(a)the date on which the person became liable to the penalty,
(b)the end of the period in which notice of an appeal against the information notice could have been given, and
(c)if notice of such an appeal is given, the date on which the appeal is determined or withdrawn.
(4)An assessment of a penalty under paragraph 40A must be made—
(a)within the period of 12 months beginning with the date on which the inaccuracy first came to the attention of an officer of Revenue and Customs, and
(b)within the period of 6 years beginning with the date on which the person became liable to the penalty.]
Textual Amendments
F1Words in Sch. 36 para. 46(1) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 47 para. 17(2)(a)
F2Words in Sch. 36 para. 46(1) omitted (21.7.2009) by virtue of Finance Act 2009 (c. 10), Sch. 47 para. 17(2)(b)
F3Words in Sch. 36 para. 46(1)(a) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 47 para. 17(2)(c)
F4Words in Sch. 36 para. 46(1)(b) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 47 para. 17(2)(d)
F5Words in Sch. 36 para. 46(2) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 47 para. 17(3)
F6Sch. 36 para. 46(3) (4) substituted for Sch. 36 para. 46(3) (21.7.2009) by Finance Act 2009 (c. 10), Sch. 47 para. 17(4)
Modifications etc. (not altering text)
C1Sch. 36 paras. 44-49 applied (with modifications) (21.7.2009) by Finance Act 2009 (c. 10), Sch. 49 para. 5(3) (with Sch. 49 para. 1)
Commencement Information
I1Sch. 36 para. 46 in force at 1.4.2009 by S.I. 2009/404, art. 2
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