This guidance note considers the pre-owned asset tax (POAT) as it applies to chattels, where an individual has made a gift, or funded the purchase of a chattel, from which they now benefit. It applies to disposals after 17 March 1986.

Chattels include, for example, paintings, antiques, furniture, vehicles, boats, racehorses, jewellery, musical instruments, computers, wines and spirits and collectible items.

For discussion of the regime generally, see the Pre-owned asset tax overview guidance note.

Chattels are defined as ‘any tangible moveable property (or, in Scotland, corporeal moveable property) other than money’.