CH81030 - Penalties for Inaccuracies: In what circumstances is a penalty payable: What period are penalties for inaccuracies charged for

You must check the date from which these rules apply for the tax or duty you are dealing with. See CH81011 for full details.

Penalties for inaccuracies are chargeable for a tax period. A tax period is

• a tax year
• an accounting period, or
• any other period for which tax is charged or due.

For income tax and corporation tax cases, an accounts period is not an accounting period, see CH81012.

A tax liability may arise for a single day and from a single action. For example, an Inheritance Tax liability may arise as a result of a person’s death. The date of death is a tax period.

You should refer to the technical guidance for the specific tax or duty if you are unsure about what is a tax period.