# Finance Act 2021, Paragraph 16


(1) Where a person is liable to a penalty under this Schedule HMRC may assess the penalty.
(2) HMRC may by regulations make provision for HMRC to assess a penalty under paragraph 8 at times or intervals before the end of the further penalty period.
(3) Where HMRC assess a penalty they must notify the person and state in the notice—
(a) the failure to pay the tax due, for which the person is liable to the penalty,
(b) the amount of the penalty, and
(c) how that amount has been calculated (including , where the penalty is assessed under paragraph 8, the period by reference to which the penalty has been calculated).
(4) A penalty under this Schedule must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.
(5) An assessment of a penalty under this Schedule—
(a) is to be treated for procedural purposes in the same way as an assessment to tax (except in respect of a matter expressly provided for in this Schedule),
(b) may be enforced as if it were an assessment to tax, and
(c) may be combined with an assessment to tax.

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Source: https://www.legislation.gov.uk/ukpga/2021/26/schedule/26/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-act-2021/schedule-26/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.