Part 2 Interests in Possession: when Settled Property is Part of Beneficiary's Estate
Finance Act 2006 (2006 c 25) | Legislation

Part 2 Interests in Possession: when Settled Property is Part of Beneficiary's Estate

Aggregation with person's estate of property in which interest in possession subsists

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(1)     In section 49 of IHTA 1984, after subsection (1) insert—

“(1A)     Where the interest in possession mentioned in subsection (1) above is one to which the person becomes beneficially entitled on or after 22nd March 2006, subsection (1) above applies in relation to that interest only if, and for so long as, it is—

(a)     an immediate post-death interest,

(b)     a disabled person's interest, or

(c)     a transitional serial interest.

(1B)     Where the interest in possession mentioned in subsection (1) above is one to which the person became beneficially entitled before 22nd March, subsection (1) above does not apply in relation to that interest at any time when section 71A below applies to the property in which the interest subsists.â€

(2)     Sub-paragraph (1) shall be deemed to have come into force on 22nd March 2006.

“Immediate post-death interests†and “transitional serial interestsâ€

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(1)     In IHTA 1984, after section 49 insert—

“49A Immediate post-death interest

(1)     Where a person (“Lâ€) is beneficially entitled to an interest in possession

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