1004. Meaning of 'interest in possession'.

The term 'interest in possession'1 is not defined in legislation. However, a 'qualifying interest in possession' is defined2 as an interest in possession to which an individual is beneficially entitled and which, if the individual became beneficially entitled to the interest in possession on or after 22 March 2006, is an immediate post-death interest3, a disabled person's interest4 or a transitional serial interest5.

A qualifying interest in possession also includes an interest in possession to which a company is beneficially entitled if6:


    (1)     the business of the company consists wholly or mainly in the acquisition of interests in settled property