584. Previously owned property.

From 6 April 2005 a charge to income tax, closely linked to inheritance tax, was introduced on benefits received by individuals, who are not otherwise taxable thereon, in connection with property disposed of by such individuals at any time after 17 March 19861. The charge is by reference to a chargeable amount, which is computed separately for land and for chattels2. A similar charge is imposed on intangible property comprised in a settlement in which the settlor retains an interest, on a chargeable amount which is separately computed3. In each case, the charge is calculated by reference to a