# Finance (No. 2) Act 2017, 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.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/18/paragraph/14 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-18/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.