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Revenue news

17 March 2005
Issue: 4000 / Categories: News
Pre-owned assets; Fair value; Redemption bonds; Single payment scheme

Pre-owned assets

Details of regulations to be made in respect of the pre-owned asset legislation FA 2004 Sch 15 were announced by Dawn Primarolo in the House of Commons on 7 March. Her announcement is summarised below.

  • the valuation date for a tax year will be 6 April or if later the beginning of the taxable period for which the asset in question first becomes chargeable;
  • the prescribed rate to be applied to the values of chattels and intangible assets when quantifying the cash value of the benefit enjoyed will be the official rate of interest currently 5% as defined in ITEPA 2003 s 181;
  • valuations of land and chattels will be required in the first year and then every five years. The valuation will also be used in any of the four succeeding...

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