Pre-owned assets charge – request for input

In this year's Finance Bill proceedings CIOT and LITRG briefed Julia Goldsworthy MP on a new clause designed to take out of the pre-owned assets tax charge those whose estates did not exceed the inheritance tax nil-rate threshold. The Paymaster General did not accept the clause, but promised to keep the matter under review in the light of experience. Taxpayers' representatives are now being asked by HMRC to furnish examples of hardship caused by the operation of the pre-owned assets rules in cases where the estates involved were below the nil-rate threshold. We would be pleased to hear from any member who can give us examples of this in anonymised form so that we can pass them on to HMRC.

Please send replies to technical@tax.org.uk by Friday 8 December 2006.

Technical Department
020 7235 9381