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Pre Owned Assets Tax - POAT - Coggle Diagram
Pre Owned Assets Tax - POAT
income tax
on the benefit one enjoys
having free or low cost
that was previously theirs
quantify an annual cash value
added to taxable income
not tax if less than £5k a year
Assets
land, living accomodation
based on market rental
chattels, eg. pictures
% of capital value (2.25%)
intangible assets eg. life assurance policies
18 March 1986
UK domiclied
world wide assets
not UK domiciled
only UK assets
become UK domiclied
does not apply to non UK assets
that they ceased to own before acquiring UK dom
to avoid
elect for the asset to be subject to IHT