6(1)Sub-paragraphs (2) and (3) apply where—U.K.
(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.
Textual Amendments
F1Words in Sch. 22 para. 6(1)(a) inserted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 28(5)
Commencement Information
I1Sch. 22 para. 6 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)
[F26AU.K.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.]
Textual Amendments
F2 Sch. 22 para. 6A inserted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 28(6)