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Where a pre-owned assets tax (POAT) charge arises in respect of intangible property, the 'chargeable amount' in relation to the relevant property is N minus T, where¹:

1. Ìý

   ÌýÌýÌýÌý N is the amount of interest that would be payable for the taxable period at the prescribed rate on an amount equal to the value of the relevant property at the valuation date

2. Ìý

   ÌýÌýÌýÌý T is the amount of any income tax or capital gains tax payable (and so includes amounts due but not paid) by the taxpayer in respect of the taxable period by virtue of any of a number of specified provisions (see below), so far as the tax is attributable to the relevant property.

The provisions that are included in the value of T above are:

1. Ìý

   •ÌýÌýÌýÌý ITTOIA 2005, s 461 — chargeable events on life policies and capital redemption policies (see E1.440 et seq)

2. Ìý

   •ÌýÌýÌýÌý ITTOIA 2005, s 624 — the 'settlements