Section 49C Transitional serial interest: interest to which person becomes entitled during period 22nd March 2006 to 5th October 2008F1F3
United Kingdom
Where a person (“B”) is beneficially entitled to an interest in possession in settled property (“the current interest”), that interest is a transitional serial interest for the purposes of this Chapter if the following conditions are met.
Condition 1 is that—
the settlement commenced before 22nd March 2006, and
immediately before 22nd March 2006, the property then comprised in the settlement was property in which B, or some other person, was beneficially entitled to an interest in possession (“the prior interest”).
Condition 2 is that the prior interest came to an end at a time on or after 22nd March 2006 but before 6th F2October 2008.
Condition 3 is that B became beneficially entitled to the current interest at that time.
Condition 4 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.
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)
- F2
Word in s. 49C(3) substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), s. 141(1)(a)(2)
- F3
S. 49C: word in heading substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), s. 141(1)(a)(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)