ETASSUM37100 - Schedule 3 SAYE option schemes: Option Notifications: Assessment of penalties
HMRC must assess a penalty no later than 12 months after the date on which the scheme organiser becomes liable for the penalty (paragraph 40J).
Where the penalty relates to a material inaccuracy in the return, the penalty must be assessed no later than 12 months after the date on which HMRC becomes aware of the inaccuracy and six years after the date on which the scheme organiser becomes liable for the penalty.
Where the penalty relates to a ‘serious’ or ‘less serious’ error and the company appeals against the closure notice or default notice, the penalty must be assessed no later than 12 months after the date on which the appeal is withdrawn or determined.
The penalty must be paid no later than 30 days after HMRC has notified the scheme organiser of the penalty or if appealed, 30 days after any appeal against the penalty is determined or withdrawn.
A penalty is enforceable on the scheme organiser as if it were corporation tax, or an income tax charge if the company is not chargeable to corporation tax.