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STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

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.