IHTM44076 - Pre-owned assets: election into Inheritance Tax: withdrawal of an election

Whether it relates to land, chattels or intangible property the election may be withdrawn or amended, FA04/Sch15/Para23(5), during the life of the chargeable person at any time on or before the relevant filing date (IHTM44075).

If the election is withdrawn the property will be subject to the POA charge from tax year 2005/06 or the year on which the person would have first become chargeable.