# Finance Act 2016, Paragraph 7


(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.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/22/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-22/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.