Statutory Instruments
2024 No. 1153
CAPITAL GAINS TAX
INCOME TAX
VALUE ADDED TAX
The Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024
Made
at 1.00 p.m. on 12th November 2024
Laid before the House of Commons
13th November 2024
Coming into force
4th December 2024
The Commissioners for His Majesty’s Revenue and Customs make these Regulations in exercise of the powers conferred by paragraph 16(2) of Schedule 26 to the Finance Act 2021( 1 ).
Citation and commencement
1. These Regulations may be cited as the Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024 and come into force on 4th December 2024.
Second penalty assessments
2. —(1) HMRC( 2 ) may assess a penalty under paragraph 8 of Schedule 26 to the Finance Act 2021 (second penalty: tax remains due at end of 30 day period) before the end of the further penalty period( 3 ), where the conditions in paragraph (2) are met.
(2) The conditions in this paragraph are—
(a) date A is later than (where it applies) date B, where “date A” and “date B” have the meanings given in paragraph 18 of Schedule 26 to the Finance Act 2021 (time limit for assessments) , and
(b) on a day that is 7 days before date A, the tax due has not yet been paid in full.
Justin Holliday
Myrtle Lloyd
Two of the Commissioners for His Majesty's Revenue and Customs
at 1.00 p.m. on 12th November 2024
2021 c. 26 . Schedule 26 has been commenced for certain purposes; relevant instruments are S.I. 2022/1278 (C. 103) , 2024/440 (C. 25) and 2024/1132 (C. 74) .
“HMRC” is defined in paragraph 2 of Schedule 26 to the Finance Act 2021 which should be construed as a reference to His Majesty’s Revenue and Customs.
The meaning of “further penalty period” is given in paragraph 8(4) and (5) of Schedule 26 to the Finance Act 2021.