| 释义 |
pre-owned asset regime
An income tax charge imposed by the Finance Act 2004 sch 15 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 regime is best regarded as anti-avoidance legislation designed to catch schemes in which a person takes his main residence out of the inheritance tax charge, while continuing to live in it rent-free. The income tax charge is only imposed where the asset is not treated for inheritance tax purposes as part of the estate of the person receiving the benefit. |