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Pre-owned assets tax (POAT)—introduction
I3.701 POAT—historical background
The pre-owned assets tax (POAT) legislation was introduced with effect from 6 April 2005 by an exasperated HMRC to plug the gaps in the gifts with reservation anti-avoidance regime. The POAT regime finally put an end to the cat-and-mouse game between the devisers of tax planning schemes and HMRC that waged up until that date.
IHT is relatively easy to avoid by those with substantial resources. However, from the 1990s to today average increases in UK house
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