SCHEDULES
SCHEDULE 40Penalties: amendments of Schedule 24 to FA 2007
I112
1
Paragraph 13 (assessment) is amended as follows.
2
In sub-paragraph (1)—
a
for “Where P” substitute “
Where a person
”
,
b
after “1” insert “
, 1A
”
, and
c
for “notify P” substitute “
notify the person
”
.
3
After that sub-paragraph insert—
1A
A penalty under paragraph 1, 1A or 2 must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.
4
In sub-paragraph (3)—
a
after “1” insert “
or 1A
”
,
b
for “within the” substitute “
before the end of the
”
, and
c
after “no assessment” insert “
to the tax concerned
”
.
5
In sub-paragraph (4), for the words after “made” substitute
before the end of the period of 12 months beginning with—
a
the end of the appeal period for the assessment of tax which corrected the understatement, or
b
if there is no assessment within paragraph (a), the date on which the understatement is corrected.