Budget 2008

Pre-owned Assets Charge - Budget 2008 - GT

Pre owned assets charge

  • Annual income tax charge where individual continues to enjoy gifted property.
  • Applies to:
    • land
    • chattels
    • intangible assets held by the trustees of settlor interested trusts.
  • Calculation of charge complex with valuations required.
  • Possible to elect out of charge in certain circumstances.
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