80Self-assessment provided in annual statement

80 Self-assessment provided in annual statement

80 Self-assessment provided in annual statement

(1) An assessment provided by a scheme participant in an annual statement is taken to have been made on the later of the following days—

(a) 15 December in the year in which the compliance period ends,

(b) the day on which the annual statement is lodged.

(2) The liability of a scheme participant for a shortfall penalty for a compliance period is—

(a) if an assessment has been made by the Scheme Regulator—the assessment made by the Scheme Regulator, or

(b) otherwise—the assessment of the liability provided by the participant in the annual statement for the compliance period.