The Finance Act 2004 introduced a new tax to be applied to pre-owned assets. The tax is designed to clamp down on inheritance tax avoidance schemes used by estate planners by applying an income tax charge on assets instead. The rules will be applied 'retro-actively' from 1986, which means that those who legitimately applied legal estate planning measures to reduce their inheritance tax bill will be captured. * Explains the impact of the new pre-owned assets income tax charge introduced by the Finance Act 2004 * Provides guidance on reactive planning to mitigate the impact on existing inheritance tax planning schemes that will be affected * Shows how to minimise the effects * Guides readers through planning future schemes when taking the new tax into account * Uses worked examples to show how the regime will work in practice * Reproduces the legislation and the consultation documents * Written by three leading barristers who are respected practitioners and authors of leading works on private client tax planning