CH401273 - Charging penalties: charging penalties: introduction: offshore asset based penalties: reduction for disclosure - prompted or unprompted
The maximum amount of reduction depends on whether the disclosure is prompted or unprompted (see CH403202). This is based on the underlying penalty.
If unprompted the maximum amount by which the amount of the asset-based penalty may be reduced is the
- lower of 5% of value of asset or 5x offshore Potential Lost Revenue (PLR).
This means that the maximum reduction available is 50% of the standard amount.
If the disclosure is prompted the maximum amount by which the amount of the asset-based penalty may be reduced is the
- lower of 2% of value of asset or 2x offshore PLR.
This means that the maximum reduction available is 20% of the standard amount.
Penalty range
| Disclosure | Range Minimum | Range Maximum (standard amount) |
|---|---|---|
| Unprompted | Lower of 5% of value of asset or 5x offshore PLR = 50% of standard amount | Lower of 10% of value of asset or 10x offshore PLR = 100% |
| Prompted | Lower of 8% of value of asset or 8x offshore PLR = 80% of the standard amount | Lower of 10% value of asset or 10x offshore PLR = 100% |