(1) This section applies in relation to a monetary penalty imposed on a person ("the respondent") by an order made under section 166 or 167.

(2) The amount of the penalty must be -

(a) a fixed amount,

(b) an amount calculated by reference to a daily rate, or

(c) a combination of a fixed amount and an amount calculated by reference to a daily rate.

(3) The penalty must not exceed -

(a) in the case of a fixed amount, £150,000 or, if higher, 5% of the total value of the turnover (if any) of the respondent;

(b) in the case of an amount calculated by reference to a daily rate, for each day £15,000 or, if higher, 5% of the total value of the daily turnover (if any) of the respondent;

(c) in the case of a fixed amount and an amount calculated by reference to a daily rate, such fixed amount and such amount per day.

(4) In imposing a penalty by reference to a daily rate -

(a) no account is to be taken of any days before notice of the application under section 166(3) or 167(2) was given to the respondent, and