EIM47199 - Finance (No 2) Act 2017: part 3A: 2019 loan charge reporting requirement: loan charge information: paras 35I, J and K: penalties: assessment, appeals and enforcement

Assessment

Where a person becomes liable to a penalty for failing to provide loan charge information or providing inaccurate information, HMRC may assess the penalty and, if they do so, they must notify the person.

An assessment of a penalty for failing to provide loan charge information must be made before 1 October 2021.

An assessment of a penalty for providing inaccurate information must be made before 1 October 2023.

Appeals

A person may appeal against any of the following decisions of an officer of Revenue and Customs:

  • a decision that a penalty is payable by that person for failing to provide information or providing inaccurate information, or
  • a decision as to the amount of such a penalty.

Notice of such an appeal must be given in writing to HMRC before the end of the period of 30 days beginning with the date on which notification of the penalty was issued. The notice of an appeal must state the grounds of appeal.

Where the appeal concerns a decision that a penalty is payable and the appeal is notified to the tribunal, the tribunal may confirm or cancel the decision.

Where the appeal concerns the amount of a such a penalty, the tribunal may confirm the decision or substitute the decision for another decision that the officer of Revenue and Customs had power to make.

Enforcement

A penalty for failing to provide information or providing inaccurate information must be paid before the end of the period of 30 days beginning with the date on which notification of the penalty was issued.

Where a notice of an appeal against the penalty is given, the penalty must be paid before the end of the period of 30 days beginning with the date on which the appeal is determined or withdrawn.

A penalty for failing to provide information or providing inaccurate information may be enforced as if it were income tax charged in an assessment and due and payable.