1(1)An asset-based penalty is payable by a person (P) where—U.K.
(a)one or more standard offshore tax penalties have been imposed on P in relation to a tax year (see paragraphs 2 and 3), and
(b)the potential lost revenue threshold is met in relation to that tax year (see paragraph 4).
(2)But this is subject to paragraph 6 (restriction on imposition of multiple asset-based penalties in relation to the same asset).
Commencement Information
I1Sch. 22 para. 1 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)