Professional AdviceYou are here : Policy Work » Consultation response archive » Taxation » Tax Planning
|
Tax treatment of pre-owned assets In the pre-Budget Report of 10 December 2003, the Government announced its intention to introduce, from April 2005, an income tax charge on the benefit people enjoy when they continue to use major capital assets that they once owned (e.g. a house or a valuable chattel). The intention is to prevent the abuse of the inheritance tax gifts with reservation of benefit rules. There are a number of highly technical difficulties with the proposals as announced and these are drawn together in the CLA's response
Click here to download the full PDF Document
|
Policy Contact Adrian Baird
Media Contacts Ollie Wilson T: 020 7460 7936
T: 020 7460 7934
Join the CLA today
The CLA Game Fair 2012
More articles and documents [News Archive] [22 June 2010] GN09-11 Capital Gains Tax: average land values in 1982 [Guidance notes] [10 June 2011] CLA58 - Succession planning for farmers and landowners [Advisory handbooks] [9 November 2010] Rate relief for horse enterprises on farms [Consultation response archive] [18 December 2002] |
Working for You
Formerly an Inland Revenue Tax Inspector in Leicestershire. He was promoted to the Inland Revenue Policy Division at Somerset House, London, and was an Inspector Principal when he joined the CLA.
- Policy Topics
- Policy Topics
- Site sections
- Specially for members
© 2012 Country Land and Business Association Limited (CLA). All rights reserved. No part of this website may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature without prior written permission of the copyright holder except as expressly permitted by law.
Disclaimer
No responsibility for loss occasioned to any person acting or refraining from action in reliance on or as a result of the material included in or omitted in this website can be or is accepted by the author(s), the CLA or its officers or trustees or employees or any other persons.
The Advisory Services are made available to members on the basis that members' rights to compensation and the liability (if any) of CLA and its officers and/or its staff advisers, are restricted in the following ways. In the event of any advice given by any CLA staff adviser being given negligently or otherwise being incorrect no liability whatsoever is accepted by the CLA or its officers or by its staff advisers concerned
(a) towards any person who is not the current CLA member to whom the advice was directly given,
(b) to any person in the respect of consequential loss or loss of profits, or
(c) to any person for any sum exceeding £50,000 in respect of any one enquiry (whether made or responded to orally or in writing and whether dealt with at one time or over a period of time).
Any person making use of the Advisory Services accepts such restrictions. Members should refer to appropriate professional advisers in private practice before taking any particular course of action potentially or actually involving any substantial amounts of money.
Please note that whilst the advisers are able to advise on a wide range of subjects relating to land ownership, they cannot act in place of a member's own solicitor, accountant, surveyor and tax specialist by, for example, drafting documents or corresponding on their behalf and may be precluded, by the rules of their own professions, from advising one CLA member against another CLA member in the case of conflict.
Solicitors Indemnity Fund . Solicitors in the CLA Legal Team are not covered by the Solicitors Indemnity Fund in relation to professional negligence in relation to any advice given by them.
Please note that from time to time telephone calls maybe recorded for training purposes.