1014. Charge to tax on termination during lifetime.

Where at any time during the life of a person beneficially entitled to an interest in possession in settled property his interest comes to an end1, inheritance tax is charged, as if at that time he had made a transfer of value and the value transferred had been equal to the value of the property in which his interest subsisted2.

Where the person concerned became beneficially entitled to the interest on or after 22 March 2006, this provision3 applies on the coming to an end of that interest only if the interest is an immediate post-death interest4, a disabled person's