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HMRC internal manual

Compliance Handbook

Offshore matters: asset-based penalties: calculating the standard amount

The standard amount of the asset-based penalty is the lower of

  • 10% of the value of the asset, see CH122300, or
  • offshore potential lost revenue (PLR) multiplied by 10, see CH122160

See CH122550 for reductions to the standard amount. 

FA 16/SCH 22/Para 7