SCHEDULES

SCHEDULE 21Penalties in connection with offshore asset moves

7Assessment

1

Where a person becomes liable for a penalty under paragraph 1(1), HMRC must—

a

assess the penalty,

b

notify the person, and

c

state in the notice the tax period in respect of which the penalty is assessed.

2

A penalty under paragraph 1(1) must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.

3

An assessment—

a

is to be treated for procedural purposes in the same way as an assessment to tax (except in respect of a matter expressly provided for by this Schedule),

b

may be enforced as if it were an assessment to tax, and

c

may be combined with an assessment to tax.

4

An assessment of a penalty under paragraph 1(1) must be made within the same period as that allowed for the assessment of the original penalty.

5

If, after an assessment of a penalty is made under this paragraph, HMRC amends the assessment, or makes a supplementary assessment, in respect of the original penalty, it must also at the same time amend the assessment, or make a supplementary assessment, in respect of the penalty under paragraph 1(1) to ensure that it is based on the correct amount of the original penalty.

6

In this paragraph—

a

a reference to an assessment to tax, in relation to inheritance tax, is to a determination, and

b

“tax period” means a tax year, accounting period or other period in respect of which tax is charged.