Section 468 Meaning of “disposable property”

(1)

This section applies for the purposes of section 467(4)(b)(i).

(2)

Property is disposable if S could have disposed of it by S's will.

(3)

In working out whether any property could have been so disposed of—

(a)

make the assumptions mentioned in subsection (4), and

(b)

ignore the powers mentioned in subsection (5).

(4)

Assume that—

(a)

S is of full age and capacity,

(b)

the property is situated in England and Wales, and

(c)

if S is not domiciled in the United Kingdom, S is domiciled in England and Wales.

(5)

The powers to be ignored are—

(a)

any power of appointment giving S the right to dispose of the property, and

(b)

any testamentary power conferred by statute to dispose of entailed interests.

Notes on Chapter 2

C1: Pt. 9 Ch. 2 applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 1169(1), 1184(1) (with Sch. 2)