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
I1Sch. 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)