Sch 8 para 15
(1) Where a deposit-taker becomes liable to a penalty under paragraph 14— (a) HMRC must assess the penalty, and (b) if HMRC does so, it must notify the deposit-taker in writing. (2) An assessment of a penalty by virtue of paragraph (a) of paragraph 14(1) must be made within the period of 12 months beginning with the day on which the deposit-taker becomes liable to the penalty. (3) An assessment of a penalty under any of paragraphs (b) to (g) of paragraph 14(1) must be made within the period of 12 months beginning with the latest of the following— (a) the day on which the deposit-taker became liable to the penalty, (b) the end of the period in which notice of an appeal in respect of the hold notice could have been given, and (c) if notice of such an appeal is given, the day on which the appeal is finally determined or withdrawn.