Tax on pre-owned assets is causing confusion

Despite the fact the tax charge received Parliamentary approval at the end of July, there is still confusion about how and when the tax should apply, according to Scottish Life International. Implementation of the tax does not deal with situations, for example, where tax avoidance is not a motive, says Gerry Brown, technical marketing manager at Scottish Life International. Such situations which no longer have any clear tax status include the availability of inter-spouse exemption for intangible assets and partnership/shareholder protection arrangements. Moreover, where stated gove...