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if notice of such an appeal is given, the date on which the appeal is determined or withdrawn.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