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Pre-Owned Asset Rules

Janette Cattell and Katharine West, Withers LLP, comment on the Pre-Owned Asset Guidance issued by the Revenue

 
Janette Cattell and Katharine West Withers LLP comment on the Pre-Owned Asset Guidance issued by the Revenue
 
With only days to go until the pre-owned asset rules (the Rules) took effect on 6 April 2005 the Inland Revenue as it then was (now HM Revenue & Customs) issued Guidance on how the Rules would work. Version one was issued on 17 March 2005. Amended versions followed on 31 March and 4 April.
 
The Guidance appears in user-friendly format on the Revenue's website. There is:
 
●     an outline of the charge;
 
●     notes on how to calculate the benefit subject to the...

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