SCHEDULES
SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures
PART 1Liability for penalty
Potential lost revenue threshold
I14
1
The potential lost revenue threshold is reached where the offshore PLR in relation to a tax year exceeds £25,000.
2
The Treasury may by regulations change the figure for the time being specified in sub-paragraph (1).
3
Regulations under sub-paragraph (2) are to be made by statutory instrument.
4
A statutory instrument containing regulations under sub-paragraph (2) is subject to annulment in pursuance of a resolution of the House of Commons.
5
Regulations under sub-paragraph (2)—
a
may make different provision for different purposes;
b
may contain supplemental, incidental, consequential, transitional and transitory provision.