1 previously owned by someone else:
A Swan, pre-owned or new, is a real investment.
They are reconditioning used cars for sale as certified pre-owned vehicles.
Are you apprehensive about buying a pre-owned car?
Games and CDs, usually pre-owned, are purchased using pocket money.
They offer a great range of pre-owned and new snowmobiles.
If it is accepted that such circumstances do not constitute gifts with reservation, the amendment would ensure that such arrangements escaped the pre-owned assets charge.
However, the relevant property for the pre-owned assets provisions is not the shares, but the house.
The overkill on anti-avoidance and the retrospective nature of the pre-owned assets legislation alone are sufficient grounds to vote against it.
The problem is that the pre-owned assets legislation merely requires a disposal, not necessarily a gift, and occupation of the property.
However, many people who have done equity release schemes will not realise that there is an income tax, pre-owned assets charge in those circumstances.
