Paragraph 12 IHTA 1984

United Kingdom

(1)

Section 74A (arrangements involving acquisition of interest in settled property etc) is amended as follows.

(2)

In subsection (1)—

(a)

in paragraph (b)(i), omit “domiciled in the United Kingdom”;

(b)

after paragraph (b) insert—

“(ba)

the individual—

(i)

is a long-term UK resident at any time on or after 6 April 2025 during the course of the arrangements, or

(ii)

acquired the interest, or became able to acquire it, at a time before 6 April 2025 while domiciled in the United Kingdom.”.

(3)

For subsection (2) substitute—

“(2)

Condition A is that the relevant settled property is excluded property at any time during the course of the arrangements.

Ignore for this purpose—

(a)

section 48ZA (8) (as it has effect on and after 6 April 2025);

(b)

section 48(3D) (as it had effect before 6 April 2025).”