not quite right
after this date - the league decides which season to take the points off you
if deducting the points this season is the difference between relegated and not relegated
or promoted v not promoted
they will deduct the points this season
if the deduction has no real impact, then they will deduct the points next season
They do not need to decide on which to the end of the season
eg
if we stayed up by 9 points , they would relegate us but start next year without penalty
if we stayed up by 11 points we would start next season in the championship on -10
if we were relegated by 1 point, we would start next year in league 1 on -10
if we did not pay off football creditors or tax liabilities beyond that, we could suffer a further 15 point deduction