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Changes over time for: Paragraph 13


Timeline of Changes
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No versions valid at: 01/03/2024
Status:
Point in time view as at 01/03/2024. This version of this cross heading contains provisions that are not valid for this point in time.

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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2021, Paragraph 13.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Valid from 06/04/2024
13(1)A supplementary assessment may be made in respect of a penalty under this Schedule if an earlier assessment—U.K.
(a)is based on a liability to tax that would have been shown in a return, and that liability is found by HMRC to be an underestimate, or
(b)is based on a liability to tax that is found by HMRC to be insufficient.
(2)Sub-paragraph (3) applies if an assessment in respect of a penalty—
(a)is based on a liability to tax that would have been shown in a return, and that liability is found by HMRC to be an overestimate, or
(b)is based on a liability to tax that is found by HMRC to be excessive.
(3)HMRC may by notice to the person amend the assessment so that it is based upon the correct amount.
(4)An amendment under sub-paragraph (3)—
(a)does not affect when the penalty must be paid;
(b)may be made after the last day on which the assessment in question could have been made under paragraph 14.
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