Finance Act 2009

Determination of penalty geared to tax liability where no return made U.K.

24 (1) References to a liability to tax which would have been shown in a return are references to the amount which, if a complete and accurate return had been delivered on the filing date, would have been shown to be due or payable by the taxpayer in respect of the tax concerned for the period to which the return relates. U.K.

(2) In the case of a penalty which is assessed at a time before P makes the return to which the penalty relates—

(a) HMRC is to determine the amount mentioned in sub-paragraph (1) to the best of HMRC's information and belief, and

(b) if P subsequently makes a return, the penalty must be re-assessed by reference to the amount of tax shown to be due and payable in that return (but subject to any amendments or corrections to the return).

(3) In calculating a liability to tax which would have been shown in a return, no account is to be taken of any relief under [F1 section 458 of CTA 2010] (relief in respect of repayment etc of loan) which is deferred under [F2 subsection (5)] of that section.

Textual Amendments

F1 Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 723(a) (with Sch. 2)

F2 Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 723(b) (with Sch. 2)

Commencement Information

I1 Sch. 55 para. 24 in force at 1.4.2011 for specified purposes and 6.4.2011 for specified purposes by S.I. 2011/702, art. 2 (with art. 1(2))

I2 Sch. 55 para. 24 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(b) (with art. 3(1)(2))

I3 Sch. 55 para. 24 in force at 1.1.2015 for specified purposes by S.I. 2014/3269, art. 2

I4 Sch. 55 para. 24 in force at 6.10.2014 for specified purposes and 6.3.2015 for specified purposes by S.I. 2014/2395, art. 2(1)(b)

I5 Sch. 55 para. 24 in force at 6.4.2018 for specified purposes by S.I. 2018/468, art. 2(b)

I6 Sch. 55 para. 24 in force at 12.2.2019 for specified purposes by 2019 c. 1, Sch. 2 para. 29(3)

I7 Sch. 55 para. 24 in force at 1.4.2022 for specified purposes by S.I. 2021/1409, reg. 2(b)