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SCHEDULE 20U.K.Penalties in connection with offshore matters and offshore transfers

Penalties for failure to notifyU.K.


10(1)Paragraph 6 (amount of penalty: standard amount) is amended as follows.U.K.

(2)After sub-paragraph (1) insert—

(1A)If the failure is in category 0, the penalty is—

(a)for a deliberate and concealed failure, 100% of the potential lost revenue,

(b)for a deliberate but not concealed failure, 70% of the potential lost revenue, and

(c)for any other case, 30% of the potential lost revenue.

(3)In sub-paragraph (2)—

(a)in paragraph (a), for “100%” substitute “ 125% ”,

(b)in paragraph (b), for “70%” substitute “ 87.5% ”, and

(c)in paragraph (c), for “30%” substitute “ 37.5% ”.

(4)In sub-paragraph (5), for “3” substitute “ 4 ”.