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Which? warns over missing out on POAT

Which? has published a book called Giving and Inheriting, aimed at flagging the deadlines for pre-owned assets tax.

The book points out that even with modest earnings, as the IHT threshold is currently 275,000 increasingly more homeowners are at risk of bequeathing estates that will be due tax.

POAT, introduced in April, aims to plug loopholes in IHT, such as people who might have given away their home using a previous tax avoidance scheme, but continues to live in it, may now have to pay POAT on the value of any benefit they might get from living in the home.

Which? author of Giving and Inheriting Jonquil Lowe says: “After several years of significant house price rises, many people worry that Revenue & Customs rather than the family will inherit their estate when they go.

“The book helps you to work out whether you have reason to worry and, if so, what you can do to minimise or even eliminate any tax charge, including POAT options.”

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