SCHEDULES
C1SCHEDULE 18Serial tax avoidance
Annotations:
Modifications etc. (not altering text)
PART 5Penalty
Alteration of assessment of penalty
39
1
After notification of an assessment has been given to a person under paragraph 38(2), the assessment may not be altered except in accordance with this paragraph or on appeal.
2
A supplementary assessment may be made in respect of a penalty if an earlier assessment operated by reference to an underestimate of the value of the counteracted advantage.
3
An assessment may be revised as necessary if operated by reference to an overestimate of the value of the counteracted advantage.
Sch. 18 modified (17.12.2020 for specified purposes, 31.12.2020 in so far as not already in force) by 1994 c. 23, Sch. 9ZA para. 79 (as inserted by Taxation (Post-transition Period) Act 2020 (c. 26), s. 11(1)(e), Sch. 2 para. 2 (with s. 3(4), Sch. 2 para. 7(7)-(10)); S.I. 2020/1642, reg. 9)