The UK Inland Revenue has issued a fresh consultation on the taxation of ‘pre-owned’ assets, the use of which the government intends to subject to income tax from 2005/2006.
Schedule 15 of the Finance Act 2004 provides for an income tax on the benefits that people enjoy when they have arranged free continuing use of major capital assets that they once owned.
The consultation document issued on Monday invites views to help prepare draft regulations and associated guidance, as well as identifying other matters of operational concern.
The consultation period began on 16 August and will run through to 18 November 2004, with a view to new regulations being introduced on 6 April, 2005.
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