Paragraph 12 I1

(1)

Paragraph 13 (assessment) is amended as follows.

(2)

In sub-paragraph (1)—

(a)

for “Where P” substitute “ Where a person ”,

(b)

after “1” insert “ , 1A ”, and

(c)

for “notify P” substitute “ notify the person ”.

(3)

After that sub-paragraph insert—

“(1A)
A penalty under paragraph 1, 1A or 2 must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.”

(4)

In sub-paragraph (3)—

(a)

after “1” insert “ or 1A ”,

(b)

for “within the” substitute “ before the end of the ”, and

(c)

after “no assessment” insert “ to the tax concerned ”.

(5)

In sub-paragraph (4), for the words after “made” substitute

“before the end of the period of 12 months beginning with—
(a)
the end of the appeal period for the assessment of tax which corrected the understatement, or
(b)
if there is no assessment within paragraph (a), the date on which the understatement is corrected.”

Annotations

Commencement

I1: Sch. 40 para. 12 in force at 1.4.2009 by S.I. 2009/571, art. 2