The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The charge to pre-owned assets tax (POAT) for intangible property differs significantly from that for land and chattels and arises in more limited circumstances.
Intangible property is widely defined as any property other than chattels or interests in land. It includes such things as stocks and shares, securities, insurance policies and bank and building society accounts.
In order for pre-owned asset tax (POAT) to apply to the individual for any tax year, he must be resident in the UK during that year, see the Residence ― overview guidance note.
Where the individual is UK resident but is domiciled outside the UK, the POAT applies only if the asset is situated in the UK. For this purpose, a person is domiciled in the UK at any time if he would be domiciled, or treated as domiciled, in the UK under IHT legislation. See the Domicile guidance note and IHTA 1984, s 267 (subscription sensitive) for circumstances in which a person can be treated as domiciled in the UK.
If the individual has at any time been domiciled outside the UK, no regard is to be had to any property which is in a trust and situated outside the UK, so long as the settlor was not UK domiciled at the time he made the settlement.
See Simon's Taxes I3.740 (subscription sensitive).
A POAT charge can arise for a tax year in relation to intangible property only if all the following conditions are met in relation to an individual (the chargeable person):
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