# Finance Act 2016, Paragraph 14


(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.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/22/paragraph/14 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-22/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.