Income tax and pre-owned assets

The Finance Act 2004 introduced an income tax charge on benefits received by the former owners of property, referred to as pre-owned assets.

Select an item from the menu below for further information.

• Latest news
• Question and answers
• Forms
• Am I liable to the income tax charge?
  Some questions to help you decide whether you have to pay the income tax charge.
• Detailed guidance
  Outline of the charge, calculating the benefit, elections and inheritance tax, what certain words and phrases mean and how the charge applies in specific circumstances. The guidance notes reflect the current law and do not take account of any proposals contained in the 2006 Finance Bill. As soon as any changes proposed by the bill become law we will review the guidance to see if, and to what extent, amendments need to be made.