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Finance Act 2016

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Changes over time for: Paragraph 15

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Finance Act 2016, Paragraph 15 is up to date with all changes known to be in force on or before 14 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

15(1)Where a person (P) becomes liable for an asset-based penalty under paragraph 1, HMRC must—U.K.

(a)assess the penalty,

(b)notify P, and

(c)state in the notice—

(i)the tax year to which the penalty relates, and

(ii)the investigation period within which that tax year falls (see paragraph 6).

(2)A penalty under paragraph 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 an asset-based penalty under paragraph 1 must be made within the period allowed for making an assessment of the standard offshore tax penalty to which the asset-based penalty relates (and where an asset-based penalty relates to more than one standard offshore tax penalty, the assessment must be made within the latest of those periods).

(5)In this Part of this Schedule references to an assessment to tax, in relation to inheritance tax, are to a determination.

Commencement Information

I1Sch. 22 para. 15 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)

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