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Change 1
As published
263 Assessments of late payment penalties etc.
(1) Schedule 26 to FA 2021 (penalties for failure to pay tax) is amended as follows.
(2) In paragraph 16 (assessments), in sub-paragraph (3)(c), for “the period to which the penalty relates” substitute “, where the penalty is assessed under paragraph 8, the period by reference to which the penalty has been calculated”.
(3) After paragraph 17 insert—
17A (1) This paragraph applies where HMRC has assessed a penalty for which a person is liable under this Schedule in respect of a failure to pay the tax due.
(2) HMRC may withdraw the assessment by notice to the person.
(3) The withdrawn assessment ceases to have effect (and is to be taken as never having had any effect).
(4) But the withdrawal of the assessment does not prevent HMRC from subsequently assessing a penalty for the failure mentioned in sub-paragraph (1).
(4) In paragraph 18 (time limit for assessments), in sub-paragraph (2), omit the words from “(that is to say” to the end.
(5) In section 16 of the Social Security Contributions and Benefits Act 1992 (application of Income Tax Acts and destination of Class 4 contributions), in subsection (1)(f), for the words from “and 25” to the end substitute “to 26 to the Finance Act 2021 (penalties)”.
(6) The amendments made by subsections (2) to (4) come into force on 1 April 2026 for the purposes for which Schedule 26 to FA 2021 is in force immediately before 1 April 2026 and have effect in relation to penalties assessed on or after 1 April 2026.
(7) The amendments made by subsections (2) to (4) come into force for any other purposes at the same time as Schedule 26 to FA 2021 comes into force for those other purposes.
(8) The amendment made by subsection (5) comes into force—
(a) for the purposes for which paragraph 13 of Schedule 27 to FA 2021 is in force immediately before 1 April 2026, on 1 April 2026;
(b) for any other purposes, at the same time as that paragraph comes into force for those other purposes.
Your change, as a redline
263 Assessments of late payment penalties etc.
(1) Schedule 26 to FA 2021 (penalties for failure to pay tax) is amended as follows.
(2) In paragraph 16 (assessments), in sub-paragraph (3)(c), for “the period to which the penalty relates” substitute “, where the penalty is assessed under paragraph 8, the period by reference to which the penalty has been calculated”.
(3) After paragraph 17 insert—
17A (1) This paragraph applies where HMRC has assessed a penalty for which a person is liable under this Schedule in respect of a failure to pay the tax due.
(2) HMRC may withdraw the assessment by notice to the person.
(3) The withdrawn assessment ceases to have effect (and is to be taken as never having had any effect).
(4) But the withdrawal of the assessment does not prevent HMRC from subsequently assessing a penalty for the failure mentioned in sub-paragraph (1).
(4) In paragraph 18 (time limit for assessments), in sub-paragraph (2), omit the words from “(that is to say” to the end.
(5) In section 16 of the Social Security Contributions and Benefits Act 1992 (application of Income Tax Acts and destination of Class 4 contributions), in subsection (1)(f), for the words from “and 25” to the end substitute “to 26 to the Finance Act 2021 (penalties)”.
(6) The amendments made by subsections (2) to (4) come into force on 1 April 2026 for the purposes for which Schedule 26 to FA 2021 is in force immediately before 1 April 2026 and have effect in relation to penalties assessed on or after 1 April 2026.
(7) The amendments made by subsections (2) to (4) come into force for any other purposes at the same time as Schedule 26 to FA 2021 comes into force for those other purposes.
(8) The amendment made by subsection (5) comes into force—
(a) for the purposes for which paragraph 13 of Schedule 27 to FA 2021 is in force immediately before 1 April 2026, on 1 April 2026;
(b) for any other purposes, at the same time as that paragraph comes into force for those other purposes.
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