SCHEDULES
SCHEDULE 22

Asset-based penalty for offshore inaccuracies and failures
PART 1

Liability for penalty

Restriction on imposition of multiple asset-based penalties in relation to the same asset
6
1
Sub-paragraphs (2) and (3) apply where—
a
a standard offshore tax penalty (other than one imposed under paragraph 1 of Schedule 18 to FA 2017) has been imposed on P, and
b
the potential lost revenue threshold is met,
in relation to more than one tax year falling within the same investigation period.
2
Only one asset-based penalty is payable by P in the investigation period in relation to any given asset.
3
The asset-based penalty is to be charged by reference to the tax year in the investigation period with the highest offshore PLR.
4
An “investigation period” is—
a
the period starting with the day on which this Schedule comes into force and ending with the last day of the last tax year before P was notified of an asset-based penalty in respect of an asset, and
b
subsequent periods beginning with the day after the previous period ended and ending with the last day of the last tax year before P is notified of a subsequent asset-based penalty in respect of the asset,
and different investigation periods may apply in relation to different assets.
6A
Where—
a
a penalty has been imposed on a person under paragraph 1 of Schedule 18 to
FA 2017
, and
b
the potential loss of revenue threshold has been met,
only one asset-based penalty is payable by the person in relation to any given asset.
Sch. 22 para. 6 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)
Words in Sch. 22 para. 6(1)(a) inserted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 28(5)
Sch. 22 para. 6A inserted (with effect in accordance with Sch. 18 paras. 2-13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 18 para. 28(6)