SCHEDULES

SCHEDULE 20Penalties in connection with offshore matters and offshore transfers

Penalties for errors

2

1

Paragraph 4 (penalties payable under paragraph 1) is amended as follows.

2

After sub-paragraph (1) insert—

1A

If the inaccuracy is in category 0, the penalty is—

a

for careless action, 30% of the potential lost revenue,

b

for deliberate but not concealed action, 70% of the potential lost revenue, and

c

for deliberate and concealed action, 100% of the potential lost revenue.

3

In sub-paragraph (2)—

a

in paragraph (a), for “30%” substitute “ 37.5% ”,

b

in paragraph (b), for “70%” substitute “ 87.5% ”, and

c

in paragraph (c), for “100%” substitute “ 125% ”.

4

In sub-paragraph (5), for “3” substitute “ 4 ”.