Pre-owned assets are retrospective to 1986 - SLI

There was a huge sigh of relief from many financial services sector when the Revenue announced it was scrapping plans to make the income tax – payable annually – retrospective on anyone who still had free access to assets which have since been entrusted or given away. That said, legislation will still be retrospective on any transfers after 17 March 1986, the Budget Day when the latest version of Inheritance Tax Reservation of Benefits came into force, says Gerry Brown, technical manager at SLI. Anyone who lives in a house they once owned, for example, will be charged the equivalent o...