OpenLegislation

Paragraph 14

(1)

The penalty payable under paragraph 1 is 200% of the offshore PLR attributable to the uncorrected offshore tax non-compliance (subject to any reduction under a provision of this Part of this Schedule).

(2)

In this Part of this Schedule “the uncorrected offshore tax non-compliance” means—

(a)

the relevant offshore tax non-compliance, in a case where none of it is corrected within the RTC period, or

(b)

so much of the relevant offshore tax non-compliance as has not been corrected within the RTC period, in a case where part of it is corrected within that period.