FA 2004, Sch 15, para 14 empowers the Treasury to issue regulations to confer further exemptions from the pre-owned assets charges on land, chattels and intangible property.
FA 2004, Sch 15, para 20 provides that Treasury regulations may 'make different provision for different cases' and 'include transitional provisions and savings'.
The Charge to Income Tax by Reference to Enjoyment of Property Previously Owned Regulations1 were laid before the House of Commons on 16 March 2005 and came into force on 6 April 2005.
Regulation 2 prescribes the valuation date. It provides that for land, chattels and intangible property the valuation date in relation to a taxable period is 6 April in the relevant year