Section 49A Immediate post-death interestF1
Where a person (“L”) is beneficially entitled to an interest in possession in settled property, for the purposes of this Chapter that interest is an “immediate post-death interest” only if the following conditions are satisfied.
Condition 1 is that the settlement was effected by will or under the law relating to intestacy.
Condition 2 is that L became beneficially entitled to the interest in possession on the death of the testator or intestate.
Condition 3 is that—
section 71A below does not apply to the property in which the interest subsists, and
the interest is not a disabled person's interest.
Condition 4 is that Condition 3 has been satisfied at all times since L became beneficially entitled to the interest in possession.
Annotations
Textual amendments
- F1
Ss. 49A-49E inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 para. 5(1)(2)
Notes on the whole Act
Textual amendments
- F1
By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.
Notes on Chapter II
Textual amendments
- F1
Words in the title of Chapter II substituted (24.7.2002 with effect in relation to transfers of value on or after 17.4.2002) by virtue of 2002 c. 23, s. 119(5)(6)