
Pre-owned asset tax
    
    Encyclopedia
    
        In the United Kingdom, Her Majesty's Revenue and Customs acted against certain IHT schemes by imposing a standalone income tax charge from  6 April 2005. This has become known as pre-owned assets tax (POAT). POAT applies where an individual disposes of an asset but somehow retains the ability to use or enjoy it. POAT is a type of UK income tax.
        
    

