³ÉÈËÓ°Òô

Pre-owned land


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance

Pre-owned land


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
imgtext

STOP PRESS: The remittance basis is to 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. The legislation is included in Finance Bill 2025. 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 land, where an individual has made a gift of land, or funded the purchase of land, from which they now benefit. It applies to disposals since March 1986.

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

Land includes buildings, and the asset may well be a domestic residence, eg the family home.

The conditions

The residence and domicile conditions

In order for the 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

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 19 Nov 2024 21:33

Home/ Tolley Tax Guidance/ Personal Tax / Main tax return

Popular Articles

Personal Tax

Income tax losses ― overview

Income tax losses ― overviewIncome tax losses can arise due to a number of reasons, but not all losses can be relieved against total income and some losses can only be set against certain types of component income. The table below is a summary of the main reliefs for income tax losses.Summary of

04 Mar 2021 12:19 | Produced by Tolley Read more Read more
Corporation Tax

FRS 102 ― tax presentation and disclosures

FRS 102 ― tax presentation and disclosuresPresentation of tax under FRS 102An entity must present changes in a current tax liability (or asset) and changes in a deferred tax liability (or asset) as a tax expense (or income) unless the item creating the current or deferred tax amount is recognised in

14 Jul 2020 11:46 | Produced by Tolley in association with Malcolm Greenbaum Read more Read more
Employment Tax

Parking provision and expenses

Parking provision and expensesCar parking facilities at or near to the employee’s workplaceThere is an exemption from tax and NIC where an employer provides parking, or pays for or reimburses an employee for the costs associated with car parking at or near the place of work; there are no reporting

14 Jul 2020 11:09 | Produced by Tolley Read more Read more