PRE-OWNED ASSETS TAX
13/04/2011
The charge to income tax on certain assets which are described as pre-owned assets (POA) contained in the Finance Act 2004 was targeted at the range of schemes that allowed wealthy taxpayers to give their assets away, or achieve the appearance of doing so, and so benefit from the inheritance tax (IHT) exemption for lifetime gifts, while in reality retaining continuing enjoyment of and access to those assets, much as before. POA tax (POT) is designed to discourage the use of such schemes.
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