Inland Revenue confirms equity release will not be subject to POAT
Hansard confirms that a parliamentary question was asked by Mr George Osborne yesterday (10th November), to which the reply was given by Dawn Primarolo, the Paymaster General.
Jon King, Chairman of SHIP (Safe Home Income Plans), the equity release industry trade body that represents over 90% of the sector, commented:
“This is very positive news and categorically confirms that the Inland Revenue has no intention to target genuine equity release schemes. We look forward to continuing to work with them to ensure that such schemes are not impacted by the POAT legislation.”