SCHEDULES

SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures

PART 2Amount of penalty

Standard amount of asset-based penalty

I17

1

The standard amount of the asset-based penalty is the lower of—

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.