IHTM44030 - Pre-owned assets: excluded transactions: introduction
There are a number of circumstances in which the POA charge under FA04/Sch15 does not apply. This is where the transactions are excluded from the charge; or they meet the conditions for one of the exemptions (IHTM44040). Note there is an essential difference between these two sets of provisions; if a transaction qualifies as an excluded transaction it cannot fall within the POA charge in view of the terms of FA04/Sch15/Para 3(2)(b) and para 6(2)(b). On the other hand, once all the conditions are met for a POA charge to arise, the transaction may then qualify as an exempt transaction. So, you must consider first whether or not the transaction is excluded from charge before considering whether any of the exemptions are in point.