48 Excluded property
Inheritance Tax Act 1984 (1984 c 51) | Legislation

48  Excluded property

(1)     A reversionary interest is excluded property unless—

(a)     it has at any time been acquired (whether by the person entitled to it or by a person previously entitled to it) for a consideration in money or money's worth, or

(b)     it is one to which either the settlor or his spouse [or civil partner] is or has been beneficially entitled, or

(c)     it is the interest expectant on the determination of a lease treated as a settlement by virtue of section 43(3) above [or,

(d)     in a case where paragraphs (a), (b) and (d) of section 74A(1) are satisfied—

(i)     it is a reversionary interest, in the relevant settled property, to which the individual is beneficially entitled, and

(ii)     the individual has or is able to acquire (directly or indirectly) another interest in that relevant settled property.

Terms used in paragraph (d) have the same meaning as in section 74A].

(2)     In relation to a reversionary interest under a settlement made before 16th April 1976, subsection (1) above shall have effect with the omission of paragraph (b); and, if the person entitled to a reversionary interest under a settlement made on or after 16th April

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