85Changes to liability for shortfall penalty due to amended assessment

85 Changes to liability for shortfall penalty due to amended assessment

85 Changes to liability for shortfall penalty due to amended assessment

(1) A shortfall penalty payable because of the amendment of an assessment is taken to be payable on the later of the following dates—

(a) the date 7 days after the Scheme Regulator gives the scheme participant notice of the amended assessment,

(b) the date on which a shortfall penalty would have been payable under the original assessment.

(2) The Scheme Regulator may extend the period for payment of a shortfall penalty payable as a result of the amendment of an assessment.

(3) A scheme participant whose liability for a shortfall penalty is reduced because of an amended assessment is entitled to a refund of the excess shortfall penalty paid under the previous assessment.

(4) If an assessment has been amended, the Scheme Regulator may, within 12 months after the day on which a shortfall penalty became payable under the amended assessment, further amend the assessment if satisfied the further amendment is necessary to make a just reduction in the scheme participant’s liability under the assessment.