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CAMILLA WALLACE looks at chattel leasing and how to avoid taxable benefits
KEY POINTS
- Effect of the pre-owned asset tax on leaseback arrangements.
- Two capital gains tax exemptions are available.
- Value of chattel for inheritance tax purposes.
- Difficulties in obtaining valuations of chattels.
- Keep good records.
Over the years there have been various HMRC (and Government) attacks on tax planning arrangements involving land and/or chattels most notably FA 1999 (reversing the Ingram scheme that dealt with land) FA 2003 (closing the loophole exploited by the Greenstocks in CIR v Eversden and another (Greenstock’s Executors) [2003] STC 822) and FA 2004 (introducing the completely unexpected pre-owned assets tax (POAT)).
Notwithstanding all this action taken by HMRC and the introduction of anti-avoidance provisions there are...
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