Finance Act 2016 (c. 24)

SCHEDULES

SCHEDULE 22 Asset-based penalty for offshore inaccuracies and failures

PART 1 Liability for penalty

Circumstances in which asset-based penalty is payable

1 (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).