Home & Capital Trust welcome announcement that equity release schemes are not subject to pre-omned asset tax
Commenting he said: “We are pleased by the announcement, which follows representation by Home & Capital Trust and SHIP.
It clarifies that there was never any intention to capture bona-fide home reversion schemes. We will continue to work with the Inland Revenue to ensure that genuine home reversioners are not caught by this tax.”
”We would like to draw intermediaries attention to the fact that selling genuine home reversion schemes continues to meet the needs of elderly homeowners to release capital in a safe and simple way.”