Regulation 23 Assessment of penalties
If a reporting entity or relevant partner becomes liable to a penalty, an officer of Revenue and Customs may assess the penalty.
If an officer does so, the officer must notify the reporting entity or relevant partner of the assessment.
An assessment of a penalty under paragraph (1) may not be made—
in the case of a penalty assessed in respect of a failure to comply with regulations 4(2), 7, or 10(2), after the end of 6 years, or
in the case of a penalty assessed in respect of a failure to comply with regulation 8(1) or (3), after the end of 12 months,
beginning with the date on which the reporting entity or relevant partner became liable to the penalty.
An assessment of a penalty under regulation 21 must be made no later than—
6 years beginning with the date on which the reporting entity or relevant partner became liable to the penalty, or if earlier
12 months beginning with the date on which the inaccuracy first came to the attention of an officer of Revenue and Customs.