Section 103 — Taxes Management Act 1970: Time limits for penalties.

Time limits for penalties. 103 1 Subject to subsection (2) below, where the amount of a penalty is to be ascertained by reference to tax payable by a person for any period, the penalty may be determined by an officer of the Board, or proceedings for the penalty may be commenced before the tribunal or a Court—

a at any time within six years after the date on which the penalty was incurred, or b at any later time within three years after the final determination of the amount of tax by reference to which the amount of the penalty is to be ascertained. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 A penalty to which subsection (1) does not apply may be so determined, or proceedings for such a penalty may be commenced before the tribunal or a court, at any time within six years after the date on which the penalty was incurred or began to be incurred.