pre-owned asset regime

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An income tax charge imposed on an individual who receives a benefit from an asset that he previously owned and which he passed to a new owner without (broadly) making a commercial sale. The income tax charge applies from 6 April 2005 and is only imposed where the asset is no longer treated for inheritance tax purposes as part of the estate of the person receiving the benefit. The income tax charge under the pre-owned asset regime is applied to three classes of asset: (1) land, (2) chattels, and (3) intangible property.

Subjects: Law.

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