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STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

This guidance note considers the pre-owed asset tax (POAT) as it applies to land, where an individual has made a gift of land, or funded the purchase of land, from which they now benefit. It applies to disposals since March 1986.

For discussion of the regime generally, see the Pre-owned asset tax overview guidance note.

Land includes buildings, and the asset may well be a domestic residence, eg the family home.