Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Five-year service

19 May 2015 / Terry Jordan
Issue: 4501 / Categories: Comment & Analysis , Inheritance Tax

Pre-owned assets and the £1m nil rate band for couples with property


  • 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...

Only subscribers may read the full article

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
back to top icon