Finance Act 2016 (c. 24)

SCHEDULES

SCHEDULE 22 U.K. Asset-based penalty for offshore inaccuracies and failures

PART 2 U.K. Amount of penalty

Standard amount of asset-based penalty U.K.

7 (1) The standard amount of the asset-based penalty is the lower of— U.K.

(a) 10% of the value of the asset, and

(b) offshore PLR x 10.

(2) See also—

(a) paragraphs 8 and 9, which provide for reductions in the standard amount, and

(b) Part 3, which makes provision about the identification and valuation of the asset.

Commencement Information

I1 Sch. 22 para. 7 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)