Commentary

I3.715 The pre-owned assets charge on chattels

IHT, trusts and estates

I3.715 The pre-owned assets charge on chattels

I3.715 The pre-owned assets charge on chattels

The pre-owned assets charge on chattels is broadly similar to that on land. However, there are a number of specific differences. Whereas the charge on land depends upon occupation of the land, the charge on a chattel depends upon possession or use of the chattel.

A charge to income tax potentially arises on an individual ('the chargeable person') where:

  1.  

    •     he is in possession of, or has the use of, a chattel, whether alone or together with other persons, and

  2.  

    •     either the disposal condition (see I3.716) or the contribution condition (see I3.717) is

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