http://www.legislation.gov.uk/id/ukpga/2017/32/schedule/18/part/2

SCHEDULES

SCHEDULE 18Requirement to correct certain offshore tax non-compliance

PART 2Amount of penalty

Amount of penalty

14

1

The penalty payable under paragraph 1 is 200% of the offshore PLR attributable to the uncorrected offshore tax non-compliance (subject to any reduction under a provision of this Part of this Schedule).

2

In this Part of this Schedule “the uncorrected offshore tax non-compliance” means—

a

the relevant offshore tax non-compliance, in a case where none of it is corrected within the RTC period, or

b

so much of the relevant offshore tax non-compliance as has not been corrected within the RTC period, in a case where part of it is corrected within that period.