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CCH Software User Documentation

Benefits from Pre-Owned Assets

The Pre-Owned Assets Tax (POAT) came into force on the 6th April 2005 and it applies to assets disposed of since 17th March 1986. Its aim is to prevent those subject to inheritance tax from engaging in schemes that attempt to avoid paying inheritance tax.  For example, to avoid paying inheritance tax individuals would give away property but still retain the benefits of the property.nThe amount of income tax charged is based on the value of the benefit received, which is based on land, chattels and intangibles.




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