Paragraph 8 IHTA 1984

United Kingdom

(1)

Section 53 (exceptions from charge under section 52) is amended as follows.

(2)

In subsection (4), for “domiciled in the United Kingdom” substitute “a long-term UK resident”.

(3)

“(4A)

Tax shall not be chargeable under section 52 above if—

(a)

the settled property became comprised in the settlement before 30 October 2024,

(b)

immediately before 30 October 2024, the settled property was excluded property by virtue of section 48(3) or (3A) (as it had effect at that time),

(c)

the person whose interest comes to an end became beneficially entitled to the interest before 30 October 2024, and

(d)

immediately before the person’s interest in possession in it comes to an end, the settled property—

(i)

was situated outside the United Kingdom and was not property to which paragraph 2 or 3 of Schedule A1 applied (overseas property with value attributable to UK residential property), or

(ii)

was a holding in an authorised unit trust or a share in an open-ended investment company.”