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08 December 2005
The Society of Trust and Estate Practitioners (STEP) — Autumn Tax Update, 14 November 2005, reported by RALPH RAY CTA (Fellow), Solicitor, TEP, BSc(Econ).
Speakers quoted:
Chris Whitehouse Barrister 5 Stone Buildings Lincoln's Inn.
Emma Chamberlain Barrister 5 Stone Buildings Lincoln's Inn.
Robert Jamieson MA FCA CTA(Fellow) Partner Mercer & Hole 76 Shoe Lane London.
Pre-owned assets tax
Chris Whitehouse and Emma Chamberlain highlighted some 'novelties' of the recently introduced régime.
- The pre-owned assets tax is an income tax self assessed. There is however no special box to tick on the return. It seems HMRC do not want to highlight the tax unduly.
- Rental values are currently low and generally no revaluation is needed for five years.
- Any client who is uncertain about whether to elect should generally wait until the latest possible date (31 January 2007) before doing so.
- The pre-owned assets tax will be apportioned if there exists...
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