Paragraph 7 I1
(1)
The standard amount of the asset-based penalty is the lower of—
(a)
10% of the value of the asset, and
(b)
offshore PLR x 10.
(2)
See also—
(a)
paragraphs 8 and 9, which provide for reductions in the standard amount, and
(b)
Part 3, which makes provision about the identification and valuation of the asset.
Annotations
Commencement
- I1
Sch. 22 para. 7 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)