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.

• urine specimen
• usage
• use
• use and occupation
• use classes
• use of force
• user
• use upon a use
• usual covenants
• usufruct
• utilitarianism
• utility model
• uti possidetis
• utter Bar
• vacantia bona
• vacant possession
• vacations
• vaccine damage payment
• vagrant
• valuable consideration
• value
• value-added tax
• valued policy
• value received
• vandalism