SCHEDULES
SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures
PART 4Procedure
Assessment
I115
1
Where a person (P) becomes liable for an asset-based penalty under paragraph 1, HMRC must—
a
assess the penalty,
b
notify P, and
c
state in the notice—
i
the tax year to which the penalty relates, and
ii
the investigation period within which that tax year falls (see paragraph 6).
2
A penalty under paragraph 1 must be paid before the end of the period of 30 days beginning with the day on which notification of the penalty is issued.
3
An assessment—
a
is to be treated for procedural purposes in the same way as an assessment to tax (except in respect of a matter expressly provided for by this Schedule),
b
may be enforced as if it were an assessment to tax, and
c
may be combined with an assessment to tax.
4
An assessment of an asset-based penalty under paragraph 1 must be made within the period allowed for making an assessment of the standard offshore tax penalty to which the asset-based penalty relates (and where an asset-based penalty relates to more than one standard offshore tax penalty, the assessment must be made within the latest of those periods).
5
In this Part of this Schedule references to an assessment to tax, in relation to inheritance tax, are to a determination.