Paragraph 34 F1

United Kingdom

(1)

If a person becomes liable to a penalty under paragraph 30 or 32, an officer of Revenue and Customs must—

(a)

assess the penalty, and

(b)

notify the person.

(2)

The assessment must be made within the period of 12 months beginning with the day on which the inaccuracy is corrected.

(3)

The penalty must be paid before the end of the period of 30 days beginning with—

(a)

the day on which the person was notified of the penalty, or

(b)

if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.

(4)

An assessment may be enforced—

(a)

as if it were an assessment to corporation tax (which, among other things, secures the application of Chapters 6 and 7 of Part 22 of CTA 2010 (corporation tax payable by non-UK resident companies: recovery from others)), and

(b)

as if that assessment were also an assessment to corporation tax of any company which was a UK group company of the group at any time in the period of account in relation to which the interest restriction return contained an inaccuracy.

Annotations

Textual amendments

F1: Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)