Paragraph 14 I1

(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.

Annotations

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)