New rules will prevent double IHT on pre-owned assets

The Paymaster General, Dawn Primarolo, has announced new regulations which will prevent someone being charged double Inheritance Tax (IHT) when they dismantle an IHT avoidance scheme involving a pre-owned asset, such as their own house.

Since the new pre-owned asset tax was introduced in April last year, many people have dismantled schemes that were designed to avoid IHT on their family home while allowing them to continue living there.

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