Section 421JE — Finance Act 2014: Assessment of penalties

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the penalty under section 421JF(1) or (2), no later than 30 days after the date on which the appeal is determined or withdrawn.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.