Where a beneficiary's entitlement to trust property satisfies the definition of a QIIP, the trust property falls into the beneficial entitlement regime for inheritance tax purposes.

Trust property, which is the subject of a qualifying interest in possession (QIIP), may become chargeable to inheritance tax (IHT) on the following occasions: • on the death of the beneficiary with the interest in possession (the life tenant) • on the death of the beneficiary (life tenant) within seven years after a transfer or lifetime termination of their interest • on the transfer or conversion of the interest to a non-qualifying or discretionary interest For further information about QIIPs, see Practice Note: The meaning of qualifying interest in possession. Property in which a QIIP subsists is not relevant property so it is not subject to principal and exit charges during the life of the trust. See Practice Note: The meaning of relevant property for details. Death of the beneficiary with the qualifying interest in possession When the beneficiary with the QIIP (the life tenant) dies, the trust property will be valued and counted as part of the deceased's estate, and the IHT estate charge will be levied on that property (in addition

Property analysis: Andrew Butler KC of Tanfield Chambers discusses the implications of the definition of ‘qualifying lease’ in the Building Safety Act 2022 (BSA 2022) for personal representatives and trustees.

This question addresses the issue of whether it is necessary to serve a notice under section 3A of the Landlord and Tenant Act 1985 (LTA 1985) in circumstances where the freehold of a building has been transferred to a company set up by qualifying lessees under Part I of the Landlord and Tenant Act 1987 (LTA 1987). Tenants’ right of first refusal under LTA 1987, Pt I LTA 1987, Pt I (LTA 1987, ss 1–20) makes provision for qualifying tenants to have a right of first refusal when their landlord is disposing of the premises. Where a landlord intends to dispose of relevant premises, LTA 1987, s 5 requires the landlord to serve a notice on qualifying tenants of the

From April 2010 UK residents can transfer non-UK pension assets into a QNUPS; a QNUPS is available for UK residents, the UK domiciled and expatriates.

An overseas pension scheme within the meaning of section 150(1) of the Finance Act 2004 (FA 2004), other than a UK registered pension scheme. A transfer from a UK registered pension scheme to a qualifying non-UK pension scheme is not a ‘recognised transfer’ within the meaning of FA 2004, s 169.

Introduced from 15 February 2010 but with retrospective effect from 6 April 2006, qualifying non-UK pension schemes (QNUPS) were established to correct an unintentional adverse inheritance tax consequence of A-day on 6 April 2006. QNUPS are equivalent to registered pension schemes but without the same tax relief on contributions. An individual cannot transfer a UK-registered pension into a QNUPS, which are tax efficient for high earners who plan to retire abroad as well as non-UK domiciled individuals.

The Law Commission recommended in its 2014 report on matrimonial property, needs and agreements (Law Com No 343), that legislation be enacted to introduce qualifying nuptial agreements (QNAs)—a new form of contract, subject to requirements as to their formation, to enable couples to make contractual, enforceable arrangements about the financial consequences of divorce/dissolution. The government’s final response to the proposals is awaited. See News Analysis: Family lawyers respond to Law Commission’s report on Matrimonial Property, Needs and Agreements.

An overseas pension scheme is a qualifying overseas pension scheme if it satisfies certain HMRC requirements.

A partnership in which all partners are companies.

The right not to be unfairly dismissed under section 94 of the Employment Rights Act 1996 (ERA 1996) generally only arises when the employee, by the effective date of termination of their employment (EDT), has been continuously employed for not less than the qualifying period (see: Qualifying period of employment, below). There are, however, many exceptions to this requirement (see: Exceptions, below). For guidance on the principles to be applied when determining whether an employee has the required qualifying period of continuous employment, see Practice Note: Continuity of employment. Qualifying period of employment The qualifying period required to bring an unfair dismissal claim depends upon whether the EDT falls before, or on or after, 1 January 2027: • if the EDT falls before 1 January 2027, the qualifying period is two years • if the EDT falls on or after 1 January 2027 (even if the employee is dismissed before that date), the qualifying period is six months The date of any employment tribunal hearing is irrelevant. ‘Dismissed’ and ‘EDT’ have the same

The proceeds from a life assurance policy to an individual are free of tax provided the policy is qualifying.