Part 7

Employment income: income and exemptions relating to securities
Chapter 1

Introduction

Information

Assessment of penalties
421JE
1
This section applies if a person is liable for a penalty under section 421JC or 421JD.
2
HMRC
must assess the penalty and notify the person of the assessment.
3
Subject to subsection (4), the assessment must be made no later than 12 months after the date on which the person becomes liable for the penalty.
4
In the case of a penalty under section 421JD(1)(b), the assessment must be made no later than—
a
12 months after the date on which
HMRC
become aware of the inaccuracy, and
b
6 years after the date on which the person becomes liable for the penalty.
5
A penalty payable under this Part must be paid—
a
no later than 30 days after the date on which the notice under subsection (2) is given to the person, or
b
if notice of appeal is given against the penalty under section 421JF(1) or (2), no later than 30 days after the date on which the appeal is determined or withdrawn.
6
The penalty may be enforced as if it were income tax or, if the person is a company within the charge to corporation tax, corporation tax charged in an assessment and due and payable.
7
Sections 100 to 103 of
TMA
1970 do not apply to a penalty under section 421JC or 421JD.
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Ss. 421JA-421JF inserted (with effect in accordance with Sch. 8 para. 234 of the amending Act) by Finance Act 2014 (c. 26), Sch. 8 paras. 228, 232
Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)