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.