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Finance Act 2016

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This is the original version (as it was originally enacted).

Standard amount of asset-based penalty

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

(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.

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