Pre-owned intangible property

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

This guidance note considers the pre-owed asset tax (POAT) as it applies to intangible property. The rules for intangible property differ significantly from that for land and chattels and the tax charge arises in more limited circumstances. For example, there must be a settlement with the individual as settlor.

For discussion of the regime generally, see the Pre-owned asset tax overview guidance note.

Intangible property is widely defined as any property other than chattels or interests in land. It includes such things as stocks and shares, securities, insurance policies and bank and building society accounts.

The conditions

The residence and domicile conditions

In order for pre-owned asset tax to apply to the individual for any tax year, they must be resident in the UK during that year, see the Residence ― overview guidance note.

Where the individual is UK resident but is domiciled outside the UK (before 6 April 2025) or is UK resident but is not a long-term UK resident (6 April 2025 onwards), the pre-owned asset tax applies only if the asset is situated in the UK.

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