119 IHT: powers over, or exercisable in relation to, settled property or a settlement
Finance Act 2002 (2002 c 23) | Legislation

119  IHT: powers over, or exercisable in relation to, settled property or a settlement

(1)     The Inheritance Tax Act 1984 is amended in accordance with the following provisions of this section.

(2)     After section 47 (meaning of “reversionary interest”) insert—

“47

Settlement power

In this Act “settlement power” means any power over, or exercisable (whether directly or indirectly) in relation to, settled property or a settlement.”.

(3)     After section 55 (reversionary interest acquired by beneficiary) insert—

“55

Purchased settlement powers

(1)     Where a person makes a disposition by which he acquires a settlement power for consideration in money or money's worth—

(a)

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