SCHEDULES
SCHEDULE 50Penalties: late filing, late payment and errors
Amendments to Schedule 56 to FA 2009: penalty for failure to make payments on time
14
1
Paragraph 11 (assessment of penalty) is amended as follows.
2
For sub-paragraph (4A) substitute—
4A
If an assessment in respect of a penalty is based on an amount of tax due or payable that is found by HMRC to be excessive, HMRC may by notice to P amend the assessment so that it is based upon the correct amount.
4B
An amendment made under sub-paragraph (4A)—
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 12.
3
Omit sub-paragraph (5).