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Changes over time for: Paragraph 16


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2024
Status:
Point in time view as at 01/03/2024.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2021, Paragraph 16.

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.
16(1)Where a person is liable to a penalty under this Schedule HMRC may assess the penalty.U.K.
(2)HMRC may by regulations make provision for HMRC to assess a penalty under paragraph 8 at times or intervals before the end of the further penalty period.
(3)Where HMRC assess a penalty they must notify the person and state in the notice—
(a)the failure to pay the tax due, for which the person is liable to the penalty,
(b)the amount of the penalty, and
(c)how that amount has been calculated (including the period to which the penalty relates).
(4)A penalty under this Schedule must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.
(5)An assessment of a penalty under this Schedule—
(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 in this Schedule),
(b)may be enforced as if it were an assessment to tax, and
(c)may be combined with an assessment to tax.
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