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The value of a reversionary interest is generally within a person’s estate but is excluded property by virtue of section 48 of the Inheritance Tax Act 1984 (IHTA 1984). However, where the reversionary interest has previously been acquired for consideration, it is not excluded property, due to IHTA 1984, s 48(1)(a).
IHTA 1984, s 55(1) means that where a person with a prior interest (such as the interest in possession in the question) purchases a reversionary interest, that reversionary interest does not form a part of the purchaser’s estate (and so in consequence, is not excluded property).
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