Where a POAT charge arises in respect of a chattel, the 'chargeable amount' is the 'appropriate amount' less the amount of certain allowable payments made by the taxpayer in respect of their possession or use of the chattel1.
The 'taxable period' is the year of assessment, or part of a year of assessment, during which the disposal condition or the contribution condition is met2. In the case of non-continuous possession or use, it would appear to be possible to have more than one taxable period within a year of assessment.
The 'valuation date' is prescribed by regulations3 and is addressed in I3.743.
Appropriate amount
In contrast to the POAT charge on land which is based on rental value, the charge on a chattel is based on the notional amount of interest that would be payable for the taxable period (apportioning as appropriate where this is a period of less than a year) if interest were payable at the prescribed rate on an amount equal to the value of the chattel
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 13:52