SCHEDULES

SCHEDULE 22Asset-based penalty for offshore inaccuracies and failures

PART 3Identification and valuation of assets

Jointly held assets

I114

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).

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.