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Pre-owned assets and the £1m nil rate band for couples with property
KEY POINTS
- The POAT provisions came into effect on 6 April 2005.
- The relationship to gifts with reservation of benefit.
- The scope of POAT and the charging provisions.
- Electing back into the inheritance tax regime.
Rather like the 28.5 litre Beast of Turin a Fiat 28 500 that was recently driven for the first time in 100 years time flies and it is now necessary to revisit the pre-owned asset valuations that were last updated in 2010 (see my article One careful owner).
The income tax charge on pre-owned assets known as POAT was announced by the Labour government on 10 December 2003 and came into effect on 6 April 2005.
The key date however is 18 March 1986 when inheritance tax was introduced since transactions...
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