# Finance Act 2026, Paragraph 46: Penalties under paragraphs 38 or 39: administration and supplementary provision

Extent: E+W+S+N.I.

(1) An assessment under paragraph 42(1) or (3) may not be made after the end of the relevant period.
(2) Except in a case within sub-paragraph (3), the relevant period is the period of 4 years beginning with the day on which the failure attracting the penalty began.
(3) Where an assessment under paragraph 42(1) or (3) is made in a case involving loss of CBAM—
(a) brought about deliberately by the person liable to the penalty, or
(b) attributable to a failure by that person to comply with a requirement under Part 2 of this Schedule,
the relevant period is the period of 20 years beginning with the day on which the failure attracting the penalty began.
(4) In sub-paragraph (3) the reference to a loss brought about by a person includes a reference to a loss brought about by another person acting on behalf of that person.

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Source: https://www.legislation.gov.uk/ukpga/2026/11/schedule/17/paragraph/46 (the official version)
Page: https://openlegislation.uk/finance-act-2026/schedule-17/paragraph-46
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.