22(1)An assessment of a person as liable to a penalty under paragraph 1 may not take place after the relevant time.U.K.
(2)In this paragraph “the relevant time” means, subject to sub-paragraphs (3) to (6)—
(a)where a GAAR final decision notice within the meaning of paragraph 24(1) has been given in relation to the arrangements to which the penalty relates, the end of 12 months beginning with the date on which T incurs the defeat mentioned in paragraph 1;
(b)where a notice under paragraph 25 has been given to the person mentioned in sub-paragraph (1) above in respect of the arrangements to which the penalty relates, the end of 12 months beginning with the end of the time allowed for making representations in respect of that notice;
(c)where—
(i)a referral has been made under paragraph 26 in respect of the arrangements to which the penalty relates, and
(ii)paragraph (d) does not apply,
the end of 12 months beginning with the date on which the opinion of the GAAR Advisory Panel is given on the referral (within the meaning given by paragraph 34(6));
(d)where a notice under paragraph 35 has been given to the person mentioned in sub-paragraph (1) above in respect of the arrangements to which the penalty relates, the end of 12 months beginning with the end of the time allowed for making representations in respect of that notice.
(3)Where—
(a)paragraph 21 prevented a penalty from being assessed before [F1condition 1 or condition 2 was met], and
[F2(b)condition 1 or condition 2 has been met,]
the relevant time in relation to that penalty is whichever is the later of—
(i)the relevant time given by sub-paragraph (2), and
(ii)the end of 12 months beginning with the date on which [F3the first of condition 1 or condition 2 was met].
(4)Where under paragraph 21(4) a person requests assessment of a penalty, the relevant time in relation to that penalty is whichever is the later of—
(a)the relevant time given by sub-paragraph (2), and
(b)the end of 12 months beginning with the date on which the request is made,
and sub-paragraph (3) does not apply to the penalty even if [F4condition 1 or condition 2 is met].
(5)Sub-paragraph (6) applies where—
(a)at any time a declaration has been made under paragraph 44 for the purposes of any determination of whether a person is liable to a penalty under paragraph 1 in relation to particular arrangements (“the arrangements concerned”), and
(b)subsequently, facts that in the Commissioners' opinion are sufficient to indicate that the declaration contains a material inaccuracy have come to the Commissioners' knowledge.
(6)The relevant time in respect of any penalty under paragraph 1 payable by that person in relation to the arrangements concerned is whichever is the later of—
(a)the relevant time given by the preceding provisions of this paragraph, and
(b)the end of 12 months beginning with the date on which such facts came to the Commissioners' knowledge.
Textual Amendments
F1Words in Sch. 16 para. 22(3)(a) substituted (with effect in accordance with s. 123(9)-(11) of the amending Act) by Finance Act 2021 (c. 26), s. 123(3)(a)(i) (with s. 123(9))
F2Words in Sch. 16 para. 22(3)(b) substituted (with effect in accordance with s. 123(9)-(11) of the amending Act) by Finance Act 2021 (c. 26), s. 123(3)(a)(ii) (with s. 123(9))
F3Words in Sch. 16 para. 22(3)(b)(ii) substituted (with effect in accordance with s. 123(9)-(11) of the amending Act) by Finance Act 2021 (c. 26), s. 123(3)(a)(iii) (with s. 123(9))
F4Words in Sch. 16 para. 22(4) substituted (with effect in accordance with s. 123(9)-(11) of the amending Act) by Finance Act 2021 (c. 26), s. 123(3)(b) (with s. 123(9))