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Finance Act 1975

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This is the original version (as it was originally enacted).

23Meaning of estate

(1)For the purposes of this Part of this Act, a person's estate is the aggregate of all the property to which he is beneficially entitled, except that the estate of a person immediately before his death does not include excluded property.

(2)A person who has a general power which enables him, or would if he were sui juris enable him, to dispose of any property other than settled property, or to charge money on any property other than settled property, shall be treated as beneficially entitled to the property or money; and for this purpose " general power " means a power or authority enabling the person by whom it is exercisable to appoint or dispose of property as he thinks fit.

(3)Notwithstanding subsection (1) above, where a person entitled to an interest (whether in possession or not) in any settled property acquires a reversionary interest expectant (whether immediately or not) on that interest, the reversionary interest is not part of his estate for the purposes of this Part of this Act.

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