Taxation (International and Other Provisions) Act 2010 section 34

Assessment, payment and enforcement of penalty

Section 34 sets out the process by which HMRC assesses, notifies, and enforces penalties for inaccuracies in interest restriction returns, including the time limits for assessment and payment.

• When a penalty arises under paragraph 30 or 32, an HMRC officer must assess the penalty and notify the person liable.
• The assessment must be made within 12 months of the date the inaccuracy is corrected.
• The penalty must be paid within 30 days of notification, or if appealed, within 30 days of the appeal being finally determined or withdrawn.
• The penalty can be enforced as if it were a corporation tax assessment, including against any UK group company that was part of the group during the relevant period of account.