38 The relevant maximum
Product Security and Telecommunications Infrastructure Act 2022 (2022 c 46) | Legislation

38  The relevant maximum

(1)     For the purposes of section 36 the relevant maximum, in relation to a person, is the greater of—

(a)     £10 million, and

(b)     4% of the person's qualifying worldwide revenue for the person's most recent complete accounting period.

This is subject to subsections (2) to (6).

(2)     Where the Secretary of State is deciding the amount of the penalty to be imposed on a person at a time when the person's first accounting period has not yet ended, the reference in subsection (1)(b) to the person's qualifying worldwide revenue for the person's most recent complete accounting period is a reference to the amount that the Secretary of State estimates is likely to

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