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The tax treatment of pre-owned assets

Category Technical Articles
AuthorTechnical Department
Article by Emma Chamberlain, barrister and member of the CIOT Capital Taxes sub-committee. This article appeared in the June 2004 issue of Tax Adviser. To download the article in Adobe (pdf) format, please click on the link below. Despite considerable opposition, the government has proceeded with the introduction of the pre-owned assets income tax charge (POT). There has been some modification to the original proposals contained in the consultation document of December 2003, but the basic structure of POT remains unchanged. The legislation can be found in Finance Bill cl. 84 and Sch. 15.

Technical Department
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June 2004 by Emma Chamberlain

 

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