Thousands of families face uncertainty over whether or not they will need to pay a new tax on their homes, The Times reports.
The government is gearing up to implement a tax on ‘pre-owned assets’, typically homes that have been given away by parents to avoid inheritance tax but which they continue to live in.
The government wants to tax the enjoyment they continue to get from those homes, but has left it until today, in the Budget, to announce the full details of the measure.
Simon Rees, personal tax adviser at PricewaterhouseCoopers, said families may be unaware of whether or not they fall foul of the legislation until the full details have been digested: ‘You can’t understand an Act within two weeks’.
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