Pre-owned intangible property

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

This guidance note considers the pre-owed asset tax (POAT) as it applies to intangible property. The rules for intangible property differ significantly from that for land and chattels and the tax charge arises in more limited circumstances. For example, there must be a settlement with the individual as settlor.

For discussion of the regime generally, see the Pre-owned asset tax overview guidance note.

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.

The conditions

The residence and domicile conditions

In order for pre-owned asset tax to apply to the individual for any tax year, they 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 (before 6 April 2025) or is UK resident but is not a long-term UK resident (6 April 2025 onwards), the pre-owned asset tax applies only if the asset is situated in the UK.

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Employment Tax

Short-term business visitors (STBVs)

Short-term business visitors (STBVs)What is a short-term business visitor?An STBV for UK tax purposes is an individual who performs duties for a non-UK employer and as a part of those duties has been asked to spend a short period working in the UK. There is a common misconception that there is

14 Jul 2020 13:40 | Produced by Tolley in association with Gill Salmons Read more

Corporation Tax

Overseas property businesses for companies

Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in

14 Jul 2020 12:22 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group Read more

Corporation Tax

Withholding tax

Withholding taxIntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were

14 Jul 2020 14:01 | Produced by Tolley Read more

UU��ֱ��