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Home Reversions will not be subject to POAT confirms Inland Revenue

The Inland Revenue has confirmed via Parliament that home reversions will not be subject to pre-owned asset tax when introduced in April 2005.

Mr George Osborne MP asked the Chancellor of the Exchequer in Parliament on November 10 what assessment he hs made of the likely impact of the taxation of POAT on equity release schemes. Dawn Primarolo answered that it will be ensured that the POAT measures have no impact on the full range of bona fide equity release schemes and the Inland Revenue is in discussion with equity relese providers to define what provision is needed to ensure this.

Safe Home Income Plans chairman Jon King says: “This is very positive news and categorically confirms that the Inland Revenue has no intention to target genuine equty relese schemes. We look forward to continuing to work with them to ensure that such schemes are not impacted by the POAT legislation.”

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