Paragraph 4 I1

(1)

The potential lost revenue threshold is reached where the offshore PLR in relation to a tax year exceeds £25,000.

(2)

The Treasury may by regulations change the figure for the time being specified in sub-paragraph (1).

(3)

Regulations under sub-paragraph (2) are to be made by statutory instrument.

(4)

A statutory instrument containing regulations under sub-paragraph (2) is subject to annulment in pursuance of a resolution of the House of Commons.

(5)

Regulations under sub-paragraph (2)—

(a)

may make different provision for different purposes;

(b)

may contain supplemental, incidental, consequential, transitional and transitory provision.

Annotations

I1: Sch. 22 para. 4 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)