SCHEDULES
SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures
PART 1Liability for penalty
Circumstances in which asset-based penalty is payable
I11
1
An asset-based penalty is payable by a person (P) where—
a
one or more standard offshore tax penalties have been imposed on P in relation to a tax year (see paragraphs 2 and 3), and
b
the potential lost revenue threshold is met in relation to that tax year (see paragraph 4).
2
But this is subject to paragraph 6 (restriction on imposition of multiple asset-based penalties in relation to the same asset).