Inheritance taxU.K.
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)