SCHEDULES
SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures
PART 2Amount of penalty
Standard amount of asset-based penalty
I17
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.