PART 5PENALTIES
CHAPTER 3PENALTIES FOR INACCURACIES
Penalties under Chapter 3: general
I1141Assessment of penalties under Chapter 3
1
Where a person becomes liable to a penalty under this Chapter, WRA must—
a
assess the penalty,
b
issue a notice to the person of the penalty assessed, and
c
state in the notice the period F2, transaction or claim for tax credit in relation to which the penalty has been assessed.
2
An assessment of a penalty under this Chapter may be combined with an assessment to devolved tax.
3
An assessment of a penalty under section 129 or 132 must be made before the end of the period of 12 months beginning with—
a
the end of the appeal period for the decision correcting the inaccuracy, or
b
if there is no assessment to the tax concerned as a result of that decision, the day on which the inaccuracy is corrected.
4
An assessment of a penalty under section 133 must be made before the end of the period of 12 months beginning with—
a
the end of the appeal period for the assessment of tax which corrected the understatement, or
b
if there is no assessment correcting the understatement, the day on which the understatement is corrected.
5
In subsections (3) and (4), “appeal period” means F1...—
a
if no appeal is made, the period during which an appeal could be made, and
b
if an appeal is made, the period ending with its final determination or withdrawal.
6
Subject to subsections (3) and (4), a supplementary assessment may be made in respect of a penalty under this Chapter if an earlier assessment operated by reference to an underestimate of the potential lost revenue.