POAT is retrospective says IFA

Richard Wood, managing director at Financial Services Barnett Ravenscroft says the new Pre-Owned asset Tax (POAT) charge will be retrospective and can be backdated to March 1986, which could in turn subject those still living in a 'disposed' property to an additional income tax charge. Birmingham-based Barnett Ravenscroft says the new POAT charge is directed at property owners who have managed to avoid the traditional 'Inheritance' Tax' route, or otherwise termed 'gift with reservation of benefit' rules. A post taxation loophole made it possible to effectively 'gift' major assets, famil...