SCHEDULES
SCHEDULE 20Penalties in connection with offshore matters and offshore transfers
Penalties for failure to notify
10
1
Paragraph 6 (amount of penalty: standard amount) is amended as follows.
2
After sub-paragraph (1) insert—
1A
If the failure is in category 0, the penalty is—
a
for a deliberate and concealed failure, 100% of the potential lost revenue,
b
for a deliberate but not concealed failure, 70% of the potential lost revenue, and
c
for any other case, 30% of the potential lost revenue.
3
In sub-paragraph (2)—
a
in paragraph (a), for “100%” substitute “
125%
”
,
b
in paragraph (b), for “70%” substitute “
87.5%
”
, and
c
in paragraph (c), for “30%” substitute “
37.5%
”
.
4
In sub-paragraph (5), for “3” substitute “
4
”
.