Finance Act 2016, Cross Heading: Inheritance tax is up to date with all changes known to be in force on or before 30 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
12(1)This paragraph applies where the principal tax at stake is inheritance tax.U.K.
(2)The asset is the property the disposition of which gave rise to the transfer of value by reason of which the inheritance tax to which the standard offshore penalty relates became chargeable.
(3)For the purposes of calculating the amount of the asset-based penalty, the value of the property is to be the value of the property used by HMRC in assessing the liability to inheritance tax.
(4)Terms used in this paragraph have the same meaning as in IHTA 1984.
Commencement Information
I1Sch. 22 para. 12 in force at 1.4.2017 with effect in accordance with reg. 2(b) by S.I. 2017/277, reg. 2(b)
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