SCHEDULES

SCHEDULE 47Amendment of information and inspection powers

17

1

Paragraph 46 (assessment of penalty) is amended as follows.

2

In sub-paragraph (1)—

a

for “or 40” substitute “ , 40 or 40A ”,

b

omit “HMRC may”,

c

at the beginning of paragraph (a), insert HMRC may ”, and

d

at the beginning of paragraph (b), insert “ if they do so, they must ”.

3

In sub-paragraph (2), for “within 12 months of the relevant date” substitute “ within the period of 12 months beginning with the date on which the person became liable to the penalty, subject to sub-paragraph (3) ”.

4

For sub-paragraph (3) substitute—

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if notice of such an appeal is given, the date on which the appeal is determined or withdrawn.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.

5

Accordingly, in the heading omit “standard penalty or daily default”.