Commentary

I1.525 Meaning of terms

IHT, trusts and estates

I1.525 Meaning of terms

Settled property

I1.525 Meaning of terms

Settled property is property held on trust for persons in succession, for any person subject to a contingency, or on trust to accumulate income; it also includes property charged other than for full consideration with payment of an annuity and property subject to a lease for life granted other than for full consideration1 (see I5.111–I5.118). There are two sets of rules for charging IHT on settled property. One set was, before 22 March 2006, for settled property subject to an interest in possession, but with effect from that date applies only to a limited class of interests in possession, referred to in this work as 'beneficiary-taxed' interests in possession, as described further below. The other set is for settled property not subject to

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