SCHEDULES
SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures
PART 1Liability for penalty
Restriction on imposition of multiple asset-based penalties in relation to the same asset
I16
1
Sub-paragraphs (2) and (3) apply where—
a
a standard offshore tax penalty F1(other than one imposed under paragraph 1 of Schedule 18 to FA 2017) has been imposed on P, and
b
the potential lost revenue threshold is met,
in relation to more than one tax year falling within the same investigation period.
2
Only one asset-based penalty is payable by P in the investigation period in relation to any given asset.
3
The asset-based penalty is to be charged by reference to the tax year in the investigation period with the highest offshore PLR.
4
An “investigation period” is—
a
the period starting with the day on which this Schedule comes into force and ending with the last day of the last tax year before P was notified of an asset-based penalty in respect of an asset, and
b
subsequent periods beginning with the day after the previous period ended and ending with the last day of the last tax year before P is notified of a subsequent asset-based penalty in respect of the asset,
and different investigation periods may apply in relation to different assets.
F26A
Where—
a
a penalty has been imposed on a person under paragraph 1 of Schedule 18 to FA 2017, and
b
the potential loss of revenue threshold has been met,
only one asset-based penalty is payable by the person in relation to any given asset.