SCHEDULES

C1C2C3C4 SCHEDULE 12Taking control of goods

Annotations:
Modifications etc. (not altering text)
C2

Sch. 12 applied (6.4.2014) by Finance Act 2008 (c. 9), ss. 127(2), 129(4); S.I. 2014/906, arts. 2, 3

C2Part 2The procedure

Application of proceeds

50

I21

Proceeds from the exercise of an enforcement power must be used to pay the amount outstanding.

I22

Proceeds are any of these—

a

proceeds of sale or disposal of controlled goods;

b

money taken in exercise of the power, if paragraph 37(1) does not apply to it.

I1I33

The amount outstanding is the sum of these—

a

the amount of the debt which remains unpaid (or an amount that the creditor agrees to accept in full satisfaction of the debt);

b

any amounts recoverable out of proceeds in accordance with regulations under paragraph 62 (costs).

I1I34

If the proceeds are less than the amount outstanding, which amounts in sub-paragraph (3)(a) and (b) must be paid, and how much of any amount, is to be determined in accordance with regulations.

I25

If the proceeds are more than the amount outstanding, the surplus must be paid to the debtor.

I26

If there is a co-owner of any of the goods, the enforcement agent must—

a

first pay the co-owner a share of the proceeds of those goods proportionate to his interest;

b

then deal with the rest of the proceeds under sub-paragraphs (1) to (5).

I1I37

Regulations may make provision for resolving disputes about what share is due under sub-paragraph (6)(a).