In the United Kingdom, Her Majesty's Revenue and Customs acted against certain inheritance tax (IHT) avoidance schemes by imposing a standalone income tax charge.
The tax was introduced in the Finance Act 2004 and came into effect from 6 April 2005.
POAT applies where an individual disposes of an asset but somehow retains the ability to use or enjoy it.
POAT is never applicable when IHT is; therefore, the media and public have granted the issue little attention.
[citation needed] This tax-related article is a stub.