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HMRC internal manual

Compliance Handbook

Offshore matters: asset-based penalties: identification and valuation of assets: inheritance tax

Where the principle tax at stake, see CH122310, is inheritance tax the following values will be used to calculate the asset-based penalty

  • the asset is the property which has been transferred and subsequently given rise to inheritance tax.
  • the value of this property will be the value used by HMRC in assessing the liability to inheritance tax.

For further guidance on this, see IHTM09701.

FA 16/SCH 22/Para 12