Finance Act 2016 (c. 24)

SCHEDULES

SCHEDULE 22 U.K. Asset-based penalty for offshore inaccuracies and failures

PART 3 U.K. Identification and valuation of assets

Jointly held assets U.K.

14 (1) This paragraph applies where an asset-based penalty is chargeable in relation to an asset that is jointly held by P and another person (A). U.K.

(2) The value of the asset is to be taken to be the value of P's share of the asset.

(3) In a case where P and A—

(a) are married to, or are civil partners of, each other, and

(b) live together,

the asset is to be taken to be jointly owned by P and A in equal shares, unless it appears to HMRC that this is not the case.

Commencement Information

I1 Sch. 22 para. 14 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)