Section 55 Reversionary interest acquired by beneficiary.
United Kingdom
Notwithstanding section 5(1) above, where a person entitled to an interest (whether in possession or not) in any settled property acquires a reversionary interest expenctant (whether immediately or not) on that interest, the reversionary interest is not part of his estate for the purposes of this Act.
Section 10(1) above shall not apply to a disposition by which a reversionary interest is acquired in the circumstances mentioned in subsection (1) above . . . F1
Annotations
Textual amendments
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Finance Act 1986 Sch. 19 para. 15,with effect from 18March 1986and repealed by Finance (No.2) Act 1987 s. 96(5)and Sch. 9 Part III,with effect from 17March 1987.
Notes on the whole Act
Textual amendments
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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
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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)