Section 49D Transitional serial interest: interest to which person becomes entitled on death of spouse or civil partner on or after 6th October 2008F1F3
United Kingdom
Where a person (“E”) is beneficially entitled to an interest in possession in settled property (“the successor 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 a person other than E was beneficially entitled to an interest in possession (“the previous interest”).
Condition 2 is that the previous interest came to an end on or after 6th F2October 2008 on the death of that other person (“F”).
Condition 3 is that, immediately before F died, F was the spouse or civil partner of E.
Condition 4 is that E became beneficially entitled to the successor interest on F's death.
Condition 5 is that—
section 71A below does not apply to the property in which the successor interest subsists, and
the successor 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. 49D(3) substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), s. 141(1)(b)(2)
- F3
S. 49D: word in heading substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), s. 141(1)(b)(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)