The UK has published the Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024, which were made on 12 November 2024 and come into force on 4 December 2024. In the case of late tax payment, the regulations make provision enabling HMRC to assess a second late payment penalty before the tax due has been paid in full. Previously, HMRC was allowed to assess the second late payment penalty once, when the amount of outstanding tax is paid in full, wit…