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Finance Act 2016

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Finance Act 2016, Paragraph 7 is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

7(1)The standard amount of the asset-based penalty is the lower of—U.K.

(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.

Commencement Information

I1Sch. 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)

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