Income tax and pre-owned assets

Detailed Guidance

1. Outline of the charge to income tax
2. How to calculate the benefit subject to the charge
3. The election into Inheritance Tax
4. HMRC’s approach to certain issues

Appendix 1 - how the charge applies to specific circumstances

Answers to certain specific questions submitted by the Society of Trust Practitioners (STEP) and the Chartered Institute of Taxation (CIOT) have been provided by HMRC and these can be found on the STEP and CIOT pages.