The pre-owned asset charge
The pre-owned asset charge
- 2004
- Farm Tax Brief 19(7) August/September 2004, 1-2(2) .
Discusses the effect of the Finance Act 2004 Sched 15 on farmers. The pre-owned asset charge means that if a farmer uses or occupies property he had previously owned, he will have to pay income tax on the annual value of the property, less any payments to the present owner. Examines where and when the pre-owned asset charge will apply.
PRE-OWNED ASSET CHARGE
FINANCE ACT 2004 SCHED 15
AGRICULTURAL PROPERTY
PROPERTY TRANSACTIONS
PROPERTY VALUES
Discusses the effect of the Finance Act 2004 Sched 15 on farmers. The pre-owned asset charge means that if a farmer uses or occupies property he had previously owned, he will have to pay income tax on the annual value of the property, less any payments to the present owner. Examines where and when the pre-owned asset charge will apply.
PRE-OWNED ASSET CHARGE
FINANCE ACT 2004 SCHED 15
AGRICULTURAL PROPERTY
PROPERTY TRANSACTIONS
PROPERTY VALUES