Commentary

I12.904 Application of the pre-owned assets charge

IHT, trusts and estates

I12.904 Application of the pre-owned assets charge

I12.904 Application of the pre-owned assets charge

The pre-owned assets legislation (considered in detail in Division I12.4) contains exemptions applicable where a chargeable person is resident or domiciled outside the UK1. The relevant provisions can be summarised as follows:

  1.  

    (a)     the charge will not apply to any person for any year of assessment during which he is not resident in the UK;

  2.  

    (b)     where a person is resident in but domiciled outside the UK the charge will not apply unless the relevant property (be it land, chattels or settled intangibles) is situated in the UK;

  3.  

    (c)     where a person has

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