Part 5 General
Finance Act 2016 (2016 c 24) | Legislation

Part 5 General

Interpretation

19

(1)     In this Schedule—

“asset†has the same meaning as in TCGA 1992 (but also includes currency in sterling);

“asset-based income tax†has the meaning given in paragraph 2(7);

“HMRC†means Her Majesty's Revenue and Customs;

“investigation period†has the meaning given in paragraph 6(4);

“offshore PLR†has the meaning given in paragraph 5;

“standard amount of the asset-based penalty†has the meaning given in paragraph 7;

“standard offshore tax penalty†has the meaning given in paragraph 2.

(2)     Terms used in relation to a penalty imposed under Schedule 24 to FA 2007, Schedule 41 to FA 2008[, Schedule 55 to

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