The pre-owned assets regime - I
Series: Taxation ; 153(3975) 16 September 2004, 626-629(4)Publication details: 2004Subject(s): Summary: This article provides an explanation of the new pre-owned asset rules. Schedule 15 of the Finance Act 2004 has introduced a new charging regime under which individuals in the UK will, from 6 April 2005, be charged income tax on an annual basis regarding benefits from certain kinds of property. Either property owned by others which the individual previously owned, or the acquisition of which they financed. The broad structure of the regime is to establish a separate charging system for three different types of property: land, chattels and intangible property held in a settler-interested settlement. The article discusses these areas in further detail.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS68395 (Browse shelf(Opens below)) | 1 | Available | 127621-1001 |
This article provides an explanation of the new pre-owned asset rules. Schedule 15 of the Finance Act 2004 has introduced a new charging regime under which individuals in the UK will, from 6 April 2005, be charged income tax on an annual basis regarding benefits from certain kinds of property. Either property owned by others which the individual previously owned, or the acquisition of which they financed. The broad structure of the regime is to establish a separate charging system for three different types of property: land, chattels and intangible property held in a settler-interested settlement. The article discusses these areas in further detail.