CH122700 - Offshore matters: asset-based penalties: assessment process
When assessing a taxpayer for an asset-based penalty HMRC must:
- assess the penalty, and
- notify the taxpayer.
The notice must include:
- the year to which the penalty relates, and
- the investigation period within which that tax year falls. For more information on investigation periods, see CH122180.
A penalty must be paid within 30 days of the penalty notification being issued.
Further guidance on calculating the penalty can be found at CH122725.
Further guidance on assessing the penalty can be found at CH122750.