Explanatory Note
(This note is not part of the Regulations)
These Regulations are made pursuant to Schedule 15 of the Finance Act 2004 (c. 12) which provides for an income tax charge in relation to the benefit enjoyed by taxpayers in certain circumstances from continuing to enjoy assets they formerly owned.
Regulation 1 provides for citation and commencement.
Regulation 2 prescribes the valuation date.
Regulation 3 prescribes the rate of interest to be used to determine the monetary benefit of assets enjoyed.
Regulation 4 makes provision for a five yearly rather than an annual valuation of land and chattels.
Regulation 5 provides for exemptions from the charge.
Regulation 6 makes provision for the avoidance of a double charge where an inheritance tax charge also arises.
These Regulations do not impose new costs on businesses or charities.