SCHEDULES
SCHEDULE 20Inheritance tax: rules for trusts etc
Part 2Interests in possession: when settled property is part of beneficiary's estate
Aggregation with person's estate of property in which interest in possession subsists
4
1
In section 49 of IHTA 1984, after subsection (1) insert—
1A
Where the interest in possession mentioned in subsection (1) above is one to which the person becomes beneficially entitled on or after 22nd March 2006, subsection (1) above applies in relation to that interest only if, and for so long as, it is—
a
an immediate post-death interest,
b
a disabled person's interest, or
c
a transitional serial interest.
1B
Where the interest in possession mentioned in subsection (1) above is one to which the person became beneficially entitled before 22nd March, subsection (1) above does not apply in relation to that interest at any time when section 71A below applies to the property in which the interest subsists.
2
Sub-paragraph (1) shall be deemed to have come into force on 22nd March 2006.