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Changes over time for: Cross Heading: Circumstances in which asset-based penalty is payable
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No versions valid at: 08/03/2017
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Changes to legislation:
Finance Act 2016, Cross Heading: Circumstances in which asset-based penalty is payable 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.
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Valid from 01/04/2017
Circumstances in which asset-based penalty is payableU.K.
1(1)An asset-based penalty is payable by a person (P) where—U.K.
(a)one or more standard offshore tax penalties have been imposed on P in relation to a tax year (see paragraphs 2 and 3), and
(b)the potential lost revenue threshold is met in relation to that tax year (see paragraph 4).
(2)But this is subject to paragraph 6 (restriction on imposition of multiple asset-based penalties in relation to the same asset).
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