Part 2 Amount of Penalty
Finance Act 2016 (2016 c 24) | Legislation

Part 2 Amount of Penalty

Standard amount of asset-based penalty

7

(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.

Reductions for disclosure and co-operation

8

(1)     HMRC must reduce the standard amount of the asset-based penalty where P does all of the following things—

(a)     makes

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