Commentary

V18.173 Assessments to penalties and interest

Part V18 Insurance Premium Tax

V18.173 Assessments to penalties and interest

V18.173 Assessments to penalties and interest

Where a person is liable to a civil penalty as described in V18.162, or interest as described in V18.171, HMRC may assess the amount due1. The assessment shall be the amount due for the accounting period2.

The relevant accounting period for the following is:

  1.  

    •     for a penalty relating to the evasion of tax, or obtaining a credit which is not due, the accounting period for which the tax was evaded or the credit claimed

  2.  

    •     in the case of interest, the accounting period in respect of which the tax or amount assessed as tax

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