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