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CCH Software User Documentation

Benefits from Pre-Owned Assets

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The Pre-Owned Assets Tax (POAT) came into force on the 6th April 2005. It applies to assets disposed of since 17th March 1986 and it's aim is to prevent those subject to inheritance tax (IHT) from engaging in schemes that attempt to avoid paying IHT.  For example, to avoid paying IHT individuals would give away property but still retain the benefits of the property. The 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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