# Finance Act 2016, Paragraph 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).

---
Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/22/paragraph/1 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-22/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.