1005. Treatment of an interest in possession.

Where a person is beneficially entitled to an interest in possession1 in settled property, and he became so entitled before 22 March 2006, he is treated as beneficially entitled to the property in which the interest subsists2.

However, that person will not be treated as beneficially entitled to the property in which it subsists at any time when the provision relating to trusts for bereaved minors3 applies to the property4. Moreover, if the person becomes beneficially entitled to the interest in possession on or after 22 March 2006, then the provision above5 will only apply if, and so long as