Point in time view as at 31/12/2020.
Finance Act 2016, Cross Heading: Introduction is up to date with all changes known to be in force on or before 06 March 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.
10(1)This Part makes provision about the identification and valuation of the asset for the purposes of calculating the amount of the asset-based penalty.U.K.
(2)An asset-based penalty may relate to more than one asset.
(3)The identification and valuation of the asset is to be determined—
(a)under paragraph 11 where the principal tax at stake is capital gains tax,
(b)under paragraph 12 where the principal tax at stake is inheritance tax, and
(c)under paragraph 13 where the principal tax at stake is asset-based income tax.
See also paragraph 14 (jointly held assets).
(4)The principal tax at stake—
(a)in a case where the standard offshore tax penalty (or penalties) relates to only one type of tax, is the tax to which that standard offshore tax penalty (or penalties) relates;
(b)in a case where the standard offshore tax penalty (or penalties) relate to more than one type of tax, is the tax which gives rise to the highest offshore PLR value.
(5)The offshore PLR value, in relation to a type of tax, is the potential lost revenue or liability to tax by reference to which the part of the penalty relating to that type of tax was assessed.
(6)The rules in paragraph 5(2) to (7) apply for the purposes of calculating the offshore PLR value, in relation to a type of tax, as they apply for the purposes of calculating the offshore PLR.
Commencement Information
I1Sch. 22 para. 10 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
