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Pre-Owned Assets Tax (POAT): Estate Planning Implications and Compliance

· 20 min

Executive Summary

The pre-owned assets tax regime under Finance Act 2004, Schedule 15, imposes an annual income tax charge on individuals who disposed of property after 17 March 1986 yet continue to benefit from it, functioning as the backstop to the gift with reservation rules under Finance Act 1986, section 102.12 From 6 April 2025, the residence-based IHT regime enacted by Finance Act 2025 has materially expanded POAT's territorial scope: long-term UK residents -- those resident for ten of the previous twenty tax years -- now face POAT on worldwide property, not merely UK-situated assets.34 The increase in the official rate of interest from 2.25% to 3.75% for 2025-26 has simultaneously raised the charge quantum on chattels and intangible property.5 This article provides tax advisors with a technical analysis of the POAT charging framework, the election mechanism, legacy avoidance scheme remediation, and a quantitative decision framework for the IHT election.

1. POAT in the Contemporary Estate Planning Landscape

The pre-owned assets tax was introduced by Finance Act 2004, Schedule 15, with the first chargeable year being 2005-06.1 The charge was Parliament's response to a proliferation of arrangements designed to circumvent the gift with reservation provisions under FA 1986, section 102 -- arrangements that achieved the removal of property from the donor's estate for IHT purposes while allowing the donor to continue enjoying the property.2 POAT targets the gap between what GWR catches (property gifted with a reservation of benefit) and what falls outside GWR through structural ingenuity: where a disposal avoids GWR, the individual faces an annual income tax charge on the benefit derived from continued use of the disposed property.16

The common perception of POAT as a historical anti-avoidance measure, relevant primarily to the Ingram, Eversden, and home loan schemes of the early 2000s, underestimates its contemporary significance. Two developments converge to demand renewed attention from estate planning advisors.

First, the residence-based IHT regime enacted by Finance Act 2025, Part 2, Chapter 4, has replaced the domicile-based system with a long-term UK residence test.4 Before 6 April 2025, individuals who were not domiciled in the UK faced POAT only on UK-situated property under FA04/Sch15/para 12(2).7 From 6 April 2025, all long-term UK residents face POAT on both UK and foreign property, creating first-time exposure for former non-domiciliaries who have accumulated ten years of UK residence within the preceding twenty-year period.37 HMRC has updated its guidance at IHTM44054 to reference "not a long-term UK resident" in place of the former domicile-based language.7

Second, the official rate of interest increased from 2.25% to 3.75% for 2025-26 -- a 67% increase -- with HMRC now reviewing the rate quarterly rather than annually.5 The 3.75% rate has remained unchanged through the three quarterly review points at 6 July 2025, 6 October 2025, and 6 January 2026.5 For clients with chattel or intangible property within the POAT regime, this increase directly raises the annual charge quantum, potentially tipping the cost-benefit analysis of the IHT election.

These concurrent changes transform POAT from a static anti-avoidance mechanism into an area requiring active client portfolio review.

2. The POAT Charging Framework

2.1 Three Property Categories

FA 2004, Schedule 15 imposes the POAT charge across three distinct property categories, each with its own computational methodology.1

Land (paras 3-5): The charge applies where an individual disposed of an interest in land (the disposal condition) or contributed to the acquisition of land (the contribution condition) and subsequently occupies the land or derives benefit from it.12 The chargeable amount equals the appropriate rental value -- defined as the rent that might reasonably be expected on a letting from year to year -- proportioned to the individual's interest, less any payments the individual makes under a legal obligation.8

Chattels (paras 6-7): The charge applies to tangible movable property disposed of or contributed to and subsequently used by the individual.1 The chargeable amount is calculated by applying the official rate of interest to the depreciated value of the chattel.9 At the 2025-26 official rate of 3.75%, a chattel valued at GBP 200,000 generates an annual POAT charge of GBP 7,500 before income tax.59

Intangible property in settlements (paras 8-9): The charge applies where an individual has settled intangible property (including cash, shares, and securities) and retains an interest in the settled property.1 The chargeable amount is calculated using the prescribed interest rate on the value of the intangible property, less any income tax already paid on income or gains from the settlement.1

2.2 Disposal and Contribution Conditions

Two triggering conditions operate across all three categories. The disposal condition is met where the individual disposed of all or part of their interest in the property after 17 March 1986.2 The contribution condition is met where the individual directly or indirectly contributed to the acquisition of the property by another person.2 HMRC guidance at IHTM44003 notes that for land and chattels, these conditions are "virtually the same" in practical effect, though the intangible property provisions differ in their application to settlements.10

2.3 De Minimis Threshold and Reporting

No POAT charge arises where the aggregate annual charge across all three property categories does not exceed GBP 5,000 per tax year (FA04/Sch15/para 13).1 This threshold, unchanged since POAT's introduction in 2005, has been progressively eroded by rising property values and the higher official rate of interest.5 An individual benefiting from chattels valued at approximately GBP 134,000 at the 3.75% official rate will breach the de minimis threshold on that category alone.

The POAT charge is reported through the annual self-assessment tax return as taxable income.2 Valuations of land and chattels are subject to a five-year revaluation cycle from the initial valuation date, as set out at IHTM44011 and IHTM44017.11

3. Gift with Reservation and POAT: The Double-Lock Framework

3.1 The GWR Primary Rule

The gift with reservation rules under FA 1986, section 102 provide the primary anti-avoidance mechanism for lifetime property transfers.6 Property gifted on or after 18 March 1986 is treated as remaining in the donor's estate at death where the donee does not assume bona fide possession and enjoyment, or the property is not enjoyed to the entire exclusion of the donor.612 Where a reservation ceases before death, a deemed potentially exempt transfer arises at that point under FA 1986, section 102(4).6

3.2 POAT as the Legislative Backstop

The relationship between GWR and POAT is precisely defined. Where property falls within the GWR regime -- that is, the property is treated as part of the individual's estate for IHT purposes -- POAT does not apply by virtue of the exemption at FA04/Sch15/para 11(1).13 The logic is straightforward: if the property is already in the estate for IHT, an additional income tax charge would constitute double taxation. POAT operates in the residual space: arrangements that successfully avoid GWR may instead attract the annual POAT income tax charge.2

This creates what may be termed a "double-lock" framework: either the property remains in the estate under GWR (and is subject to IHT at death), or the individual faces an annual POAT income tax charge for the benefit retained. The full consideration exception -- where the donor pays full market rent, thereby avoiding a reservation of benefit -- eliminates GWR but may itself trigger POAT if the individual subsequently occupies or benefits from the property without continuing to pay full consideration.12

3.3 Excluded Transactions

Before the POAT exemptions apply, certain excluded transactions under FA04/Sch15/para 10 prevent the charge from arising at all.14 These include disposals at arm's length to an unconnected person at full market value, transfers to a spouse or civil partner, and transfers exempt under IHTA 1984, sections 19-20 (annual and small gift exemptions).1415 A critical distinction: excluded transactions apply to land and chattels only, not to intangible property in settlements.14 The connected persons definition for POAT purposes is extended beyond the standard income tax definition to include uncles, aunts, nephews, and nieces -- a wider net than many practitioners anticipate.15

FA 1986, section 102 was amended from 6 April 2025 with new subsections 7A-7C, exempting certain settled property gifts made before 30 October 2024 that constituted excluded property under the former domicile-based rules.6

4. The Residence-Based Regime and POAT Foreign Property

4.1 The Territorial Shift

The enactment of Finance Act 2025, Part 2, Chapter 4 represents the most significant change to POAT's scope since its introduction.4 The long-term UK residence test replaces the domicile test for IHT purposes: an individual is a long-term UK resident if they have been resident in the UK for at least ten of the twenty tax years ending with the tax year in question.416 For individuals under twenty, the calculation uses whole tax years alive rather than the standard twenty-year period.416

Before 6 April 2025, non-UK domiciled individuals benefited from the foreign property exemption under FA04/Sch15/para 12(2): POAT applied only to UK-situated property.7 From 6 April 2025, the exemption is reframed to apply to individuals who are "not long-term UK residents," meaning any individual meeting the ten-of-twenty-years threshold faces POAT on worldwide property.37

4.2 Practical Impact

HMRC guidance at IHTM44054, updated to reflect the residence-based regime, provides an illustrative example: a non-long-term UK resident who transferred a French property to an offshore company remains exempt from POAT under para 12(2).7 However, if that individual subsequently becomes a long-term UK resident, the exemption is lost and a POAT charge arises on the foreign property for the first time.7 Advisors should note that para 11(1) may provide alternative protection where the shares in the offshore company derive their value from the relevant property, regardless of long-term residence status -- but this exemption operates only where the shares are already within the individual's IHT estate.7

4.3 Transitional Protection

Excluded property comprised within a settlement immediately before 30 October 2024 is disregarded for POAT purposes under the transitional provisions.3 This protects pre-existing offshore trust arrangements from retrospective POAT charges but does not protect new arrangements or property added to settlements after that date. Advisors acting for former non-domiciliaries who have become or are approaching long-term UK residence status should review existing POAT positions as a matter of priority.34

The IHT "tail" period is also relevant: former long-term UK residents who leave the UK retain IHT exposure for a period of three to ten years depending on prior residence duration, and POAT exposure during this tail period follows the same profile.416

5. Legacy Avoidance Schemes: Current Position and Remediation

5.1 The Ingram Scheme

The Ingram scheme, derived from the House of Lords decision in Ingram v IRC [1999] STC 37, involved an individual granting a lease to themselves and then gifting the freehold reversion.17 HMRC distinguishes between schemes established before and after 9 March 1999. Pre-9 March 1999 schemes may successfully avoid GWR but are caught by POAT; post-9 March 1999 schemes are caught directly by GWR under FA 1986, section 102A, and POAT does not additionally apply.17 Surviving pre-1999 Ingram schemes continue to generate annual POAT charges, and the increased official rate for 2025-26 has raised the ongoing cost.

5.2 The Eversden Scheme

The Eversden scheme, based on Eversden v IRC [2003] STC 822, involved the settlement of property on trust with a spousal interest in possession.18 The same temporal distinction applies: pre-20 June 2003 schemes may avoid GWR but face POAT; post-20 June 2003 schemes are caught by GWR and POAT does not apply.18

5.3 The Home Loan/Double Trust Scheme

The home loan or double trust scheme -- in which the individual sells property to a trust, retains an interest-free loan, and assigns the loan to intended beneficiaries -- was the most widely marketed IHT avoidance arrangement of the early 2000s.19 HMRC's published position at IHTM44103 is that GWR applies in most cases.19 Where this position is contested, POAT operates as the alternative charge.

The first tribunal decision on a home loan scheme, Shelford v HMRC [2020] UKFTT 53 (TC), is instructive for practitioners.20 The First-tier Tribunal held that the sale agreement was void under the Law of Property (Miscellaneous Provisions) Act 1989, section 2, because the documentation failed to satisfy the requirement for a single document containing all express terms of the land contract.20 The consequence was that the property never left the estate: the intended IHT benefit was not achieved, and the property remained fully within the charge to IHT at death.20 The Shelford decision demonstrates that scheme failure may produce a worse outcome than no planning at all -- the property remains in the estate, and the costs of establishing and maintaining the scheme are irrecoverable.

5.4 HMRC Unwinding Guidance

HMRC has published guidance on unwinding home loan and double trust schemes at IHTM44120-44128.21 Where a scheme is unwound during the individual's lifetime, the property ceases to be subject to GWR; the whole property forms part of the estate without any loan deduction; and a deemed PET arises when the reservation ceases.21 Unwinding does not result in a loss of estate value per se, but advisors should consider the interaction with the residence nil-rate band: the RNRB of GBP 175,000 is available only where a qualifying residential interest passes on death to direct descendants, and certain trust structures may preclude this.21 Joint settlor schemes involve additional complexity in the unwinding process.21

The decision to unwind requires a comparative analysis of the ongoing POAT charge, the IHT position on death with and without the scheme in place, and the RNRB implications. For clients approaching or exceeding the age at which seven-year survival is uncertain, the calculation shifts materially in favour of accepting the existing arrangement and managing the POAT charge.

6. Insurance-Based Products: Defensible Structures

6.1 Discounted Gift Trusts

HMRC guidance at IHTM44112 confirms that properly structured discounted gift trusts are generally not caught by POAT.22 The structural requirement is that the settlor's retained rights are held on bare trust for the settlor; a bare trust is not treated as a settlement for IHT or POAT purposes.22 The settlor must be excluded from any other benefits under the policy.22

A distinction applies for interests in possession: where the settlor's retained rights are held on trust (not bare trust), no POAT charge arises if the interest in possession commenced before 22 March 2006.22 Where a POAT charge does arise, it is calculated by reference to the value of the retained rights only, not the full policy value.22

6.2 Gift and Loan Trusts

Gift and loan trusts receive similarly favourable treatment. HMRC guidance at IHTM44113 confirms that no POAT charge arises because the benefit to the settlor derives from their position as creditor under the loan, not as beneficiary under the trust.23 The critical structural requirement is that the settlor must be excluded as a trust beneficiary; if the benefit derives from loan repayment rather than trust distribution, POAT does not apply.23

These insurance-based structures remain defensible IHT planning tools that are not undermined by POAT, provided the structural requirements identified in HMRC's published guidance are satisfied precisely. Advisors recommending or reviewing these arrangements should verify compliance with the specific conditions at IHTM44112 and IHTM44113.

7. The Election Decision: A Quantitative Framework

7.1 The Election Mechanism

FA 2004, Schedule 15, paragraphs 21-23 permit a chargeable person to elect for property to be treated as subject to a reservation of benefit for IHT purposes, in lieu of the annual POAT income tax charge.2425 The election is made on form IHT500, prescribed by SI 2007/3000, and the deadline is 31 January following the end of the first tax year in which the POAT charge arises.2526 Finance Act 2007 grants HMRC discretion to extend the deadline.25 Separate elections may be made for different assets, and married couples or civil partners must each make independent elections.24 Under FA 2004, Schedule 15, paragraph 23(5), an election may be withdrawn or amended on or before the relevant filing date; once that deadline passes, the election is irrevocable and cannot be undone.125

7.2 Cost-Benefit Analysis

The election decision demands quantitative analysis across five variables:

Variable 1 -- Annual POAT charge: For land, the market rental value; for chattels and intangibles, the official rate of interest (3.75% for 2025-26) applied to the property value.589

Variable 2 -- Income tax rate: The POAT charge constitutes taxable income at the individual's marginal rate (20%, 40%, or 45%).2

Variable 3 -- Estate value relative to the nil-rate band: The IHT nil-rate band of GBP 325,000, together with the RNRB of GBP 175,000 for qualifying estates, determines whether bringing elected property into the estate generates any IHT charge at death.

Variable 4 -- Life expectancy: If the individual subsequently ceases occupation or use of the elected property permanently, a deemed PET arises; survival for seven years eliminates IHT on that deemed PET.24

Variable 5 -- Property appreciation: POAT charges on land are based on rental value, which may increase more slowly than capital value. The IHT charge at death applies to the full death value.

7.3 Worked Example

Consider a chattel valued at GBP 500,000 subject to POAT at the 3.75% official rate. The annual POAT charge is GBP 18,750. For a higher-rate taxpayer (40%), this produces an annual income tax liability of GBP 7,500. Over ten years, cumulative POAT income tax totals GBP 75,000.5

If the same chattel is elected into IHT treatment (form IHT500), the chattel joins the estate at its death value. For an estate substantially exceeding the nil-rate band, IHT at 40% on GBP 500,000 is GBP 200,000. The POAT route becomes less costly after approximately twenty-seven years of annual charges -- well beyond the life expectancy assumption for most clients in the relevant age bracket. However, for an estate within or close to the nil-rate band, the IHT cost of including the chattel may be nil or modest, making the election the optimal choice: it eliminates the annual POAT income tax burden while producing no additional IHT liability at death.

Estate Position Annual POAT (40% Taxpayer) IHT on Election (40%) Preferred Route
Below NRB GBP 7,500 per annum GBP 0 Election (IHT500)
GBP 500,000 above NRB GBP 7,500 per annum GBP 200,000 POAT (if survival < 27 years)
GBP 200,000 above NRB GBP 7,500 per annum GBP 80,000 POAT (if survival < 11 years)

7.4 Double-Charge Relief

Where an election has been made and the individual dies within seven years of a deemed PET arising from the cessation of use, both a PET charge and a GWR charge may arise on death.27 The double-charge relief regulations at SI 2005/724, Regulation 6 prevent both charges from applying simultaneously.2728 The mechanism requires calculation of the IHT liability both ways -- excluding the gifted proceeds and excluding the settled property -- with only the higher charge applying and the other reduced to nil.28 This relief is particularly relevant in home loan scheme scenarios involving second trust structures.28

7.5 Future Considerations

The APR/BPR reforms from April 2026 introduce a combined cap of GBP 2.5 million on the total value of agricultural and business property qualifying for 100% relief, with a 50% relief rate applying above that threshold.45 The cap was originally proposed at GBP 1 million in Autumn Budget 2024 but was increased to GBP 2.5 million on 23 December 2025, with unused allowance transferable between spouses and civil partners.4 For clients holding qualifying property within legacy schemes, this reform may alter the IHT cost-benefit analysis of POAT elections on such property. Similarly, the inclusion of pension death benefits within IHT from April 2027 will increase the aggregate estate value for many clients, potentially affecting the estate-size variable in the election analysis.4

Conclusion

The pre-owned assets tax regime, far from being a historical curiosity of the mid-2000s anti-avoidance era, demands active engagement from estate planning advisors in 2025-26 and beyond. The convergence of the residence-based IHT regime -- expanding POAT's territorial reach to worldwide property for long-term UK residents -- with the 67% increase in the official rate of interest from 2.25% to 3.75% has materially changed the POAT landscape.35

Practitioners should prioritise three categories of client for immediate review. First, former non-domiciliaries who have become or are approaching long-term UK resident status, for whom previously exempt foreign property may now generate first-time POAT exposure. Second, clients with legacy avoidance schemes -- Ingram, Eversden, and home loan/double trust arrangements -- where the Shelford decision illustrates the risk of scheme failure and HMRC's unwinding guidance provides a structured remediation pathway.2021 Third, clients with lifetime transfer structures requiring reassessment of the POAT election decision in light of the higher official rate and the forthcoming APR/BPR and pension reforms.

The election between POAT income tax and IHT treatment (form IHT500) is not susceptible to generic recommendation. It requires client-specific quantitative modelling incorporating estate value, income tax rate, life expectancy, and the property appreciation trajectory. Discounted gift trusts and gift and loan trusts remain defensible structures not caught by POAT, subject to precise adherence to HMRC's published structural requirements.2223

POAT expertise represents a differentiating technical competency for estate specialists. The regime's complexity, combined with its renewed relevance under the residence-based IHT framework, creates both advisory risk and advisory opportunity.

CPD Declaration

Estimated Reading Time: 20 minutes Technical Level: Advanced Practice Areas: Inheritance Tax, Estate Planning, Anti-Avoidance, International Tax

Learning Objectives

Upon completing this article, practitioners will be able to:

  1. Identify the three categories of property subject to the pre-owned assets charge and the conditions (disposal and contribution) that trigger liability under FA 2004, Schedule 15
  2. Evaluate the impact of the residence-based IHT regime (from 6 April 2025) on POAT exposure for clients who have become long-term UK residents, including the loss of the foreign property exemption
  3. Apply the election decision framework to determine whether the annual POAT income tax charge or IHT treatment via form IHT500 produces the optimal outcome for a given client scenario
  4. Analyse the current position of legacy avoidance schemes (Ingram, Eversden, home loan/double trust) and assess remediation options including HMRC unwinding procedures at IHTM44120-44128

Professional Competency Mapping

  • ATT/CTA: IHT and trusts; anti-avoidance provisions; international aspects of UK taxation
  • STEP: Estate planning and administration; trust creation and taxation; cross-border estate issues
  • ICAEW: Tax compliance and advisory; private client tax planning

Reflective Questions

  1. How would the shift from the domicile test to the long-term UK residence test affect POAT assessments for clients in the practice who were previously classified as non-UK domiciled?
  2. What review protocol could be implemented to identify clients with legacy avoidance schemes that may require POAT election review or scheme unwinding under HMRC's published guidance?
  3. How should the increase in the official rate of interest from 2.25% to 3.75% influence the election decision analysis for clients with chattel or intangible property within the POAT regime?

Professional Disclaimer

The information presented reflects the regulatory and legislative position as of 26 February 2026. Regulations, tax rules, and professional guidance are subject to change. Readers should independently verify all information before acting and seek advice from appropriately qualified solicitors, financial advisors, or other professionals for their specific circumstances.

Neither WUHLD nor the author accepts liability for any actions taken or decisions made based on the content of this article. Professional readers are reminded of their own regulatory obligations and duty of care to their clients.

Footnotes

Footnotes

  1. Finance Act 2004, Schedule 15 (Charge to income tax on benefits received by former owner of property). https://www.legislation.gov.uk/ukpga/2004/12/schedule/15 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  2. HMRC Inheritance Tax Manual IHTM44001: Pre-owned assets: introduction. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44001 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  3. HMRC Inheritance Tax Manual IHTM47061: Long-term UK residence test: Pre-owned assets tax. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm47061 ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  4. Finance Act 2025 c.8, Part 2, Chapter 4 (Inheritance Tax: Long-term UK resident). https://www.legislation.gov.uk/ukpga/2025/8/part/2/chapter/4 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  5. GOV.UK: Beneficial loan arrangements -- HMRC official rates. https://www.gov.uk/government/publications/rates-and-allowances-beneficial-loan-arrangements-hmrc-official-rates/beneficial-loan-arrangements-hmrc-official-rates ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  6. Finance Act 1986, Section 102 (Gifts with reservation). https://www.legislation.gov.uk/ukpga/1986/41/section/102 ↩ ↩2 ↩3 ↩4 ↩5

  7. HMRC Inheritance Tax Manual IHTM44054: Pre-owned assets: exemptions: foreign element -- long-term UK resident. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44054 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  8. HMRC Inheritance Tax Manual IHTM44010: Pre-owned assets: calculation of the charge on land: introduction. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44010 ↩ ↩2

  9. HMRC Inheritance Tax Manual IHTM44016: Pre-owned assets: calculation of the charge on chattels. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44016 ↩ ↩2 ↩3

  10. HMRC Inheritance Tax Manual IHTM44003: Pre-owned assets: property to which the charge can apply. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44003 ↩

  11. HMRC Inheritance Tax Manual IHTM44011: Pre-owned assets: calculation of the charge on land: valuation date and the 5 year cycle. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44011 ↩

  12. HMRC Inheritance Tax Manual IHTM14301: Lifetime transfers: gifts with reservation (GWRs): requirements for a GWR. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm14301 ↩ ↩2

  13. HMRC Inheritance Tax Manual IHTM44040: Pre-owned assets: exemptions: introduction. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44040 ↩

  14. HMRC Inheritance Tax Manual IHTM44030: Pre-owned assets: excluded transactions: introduction. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44030 ↩ ↩2 ↩3

  15. HMRC Inheritance Tax Manual IHTM44031: Pre-owned assets: excluded transactions: the disposal condition -- sale of entire interest. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44031 ↩ ↩2

  16. KPMG: Inheritance Tax Changes from 6 April 2025: An Update. https://kpmg.com/uk/en/insights/tax/inheritance-tax-changes-from-6-april-2025-an-update.html ↩ ↩2 ↩3

  17. HMRC Inheritance Tax Manual IHTM44100: Pre-owned assets: specific avoidance schemes: land -- lease carve-out scheme. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44100 ↩ ↩2

  18. HMRC Inheritance Tax Manual IHTM44101: Pre-owned assets: specific avoidance schemes: land -- settlement on interest in possession trusts. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44101 ↩ ↩2

  19. HMRC Inheritance Tax Manual IHTM44103: Pre-owned assets: specific avoidance schemes: land -- home loan or double trust scheme. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44103 ↩ ↩2

  20. Shelford & Ors v HMRC [2020] UKFTT 53 (TC). See ICAEW analysis: https://www.icaew.com/technical/tax/tax-faculty/taxline/archive/taxline-2020/may-2020/1-what-lessons-can-be-learned-from-the-first-home-loan-scheme-case ↩ ↩2 ↩3 ↩4

  21. HMRC Inheritance Tax Manual IHTM44120: Pre-owned assets: unwinding of home loan or double trust scheme: background. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44120 ↩ ↩2 ↩3 ↩4 ↩5

  22. HMRC Inheritance Tax Manual IHTM44112: Pre-owned assets: insurance based products: discounted gift trust. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44112 ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  23. HMRC Inheritance Tax Manual IHTM44113: Pre-owned assets: insurance based products: gift and loan trust. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44113 ↩ ↩2 ↩3

  24. HMRC Inheritance Tax Manual IHTM44070: Pre-owned assets: election into Inheritance Tax: introduction. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44070 ↩ ↩2 ↩3

  25. HMRC Inheritance Tax Manual IHTM44074: Pre-owned assets: election into Inheritance Tax: how to make an election. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44074 ↩ ↩2 ↩3 ↩4

  26. The Income Tax (Benefits Received by Former Owner of Property) (Election for Inheritance Tax Treatment) Regulations 2007, SI 2007/3000. https://www.legislation.gov.uk/uksi/2007/3000/made ↩

  27. The Charge to Income Tax by Reference to Enjoyment of Property Previously Owned Regulations 2005, SI 2005/724, Regulation 6. https://www.legislation.gov.uk/uksi/2005/724/regulation/6/made?view=plain ↩ ↩2

  28. HMRC Inheritance Tax Manual IHTM44063: Pre-owned assets: avoidance of double charges: election that reservation of benefit provisions should apply. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm44063 ↩ ↩2 ↩3

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