SCHEDULES

SCHEDULE 22 U.K.Asset-based penalty for offshore inaccuracies and failures

PART 1 U.K.Liability for penalty

Circumstances in which asset-based penalty is payable U.K.

1 (1) An asset-based penalty is payable by a person (P) where— U.K.

(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).

Commencement Information

I1 Sch. 22 para. 1 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)