It depends on the convention.
For example, Fluke will typically state "% of reading + digits". So if the DUT indicates 110 V with 100 V applied, the "% of reading" component should apply to the 110 V 'reading', not the 100 V 'nominal'. (Note that this use of the DUT reading produces a slightly wider window for compliant results compared to using the nominal.)
You will find, however, that Fluke will give tolerances in their calibration verification documentation that is applying the "% of reading" component to the 'nominal'. In effect, this tightens the specification for compliance – the window for compliant results is narrower.
We set our systems up to use the DUT 'reading' as the reference for any 'reading' component. This is based upon our customers looking at the data and (correctly, because it is what is written) calculating the specification from the reported DUT indication. Other labs (and in Fluke's MET/CAL system, by default) will apply such components to the 'nominal' value. The later is more conservative ('safer') but does not align with the written specifications.
The accreditation organisations don't have a rule on how to approach this, so each lab has to decide.