The pre-owned assets regime was introduced from 6 April 2005. It provides that an annual income tax charge at the transferor's marginal rate will apply where:
- Ìý
•ÌýÌýÌýÌý an asset previously owned by the transferor, or
- Ìý
•ÌýÌýÌýÌý funds provided by the transferor have been used to purchase an asset
which is enjoyed by them and the transaction is not caught under the gifts with
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