Paragraph 14

Paragraph 11 (assessment of penalty) is amended as follows.

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.”

Omit sub-paragraph (5).