Commentary

I4.131 QIIP passing on death to settlor or settlor's spouse

IHT, trusts and estates

I4.131 QIIP passing on death to settlor or settlor's spouse

Settled property left out of account

I4.131 QIIP passing on death to settlor or settlor's spouse

If a deceased person was entitled to a qualifying interest in possession (QIIP — see I5.102) under a settlement and on his death the settled property reverts to the settlor, then still alive, the settled property is left out of account in determining the value of the deceased's estate immediately before his death1.

Likewise where a deceased person was entitled to a QIIP in settled property which passes on the deceased's death to the settlor's spouse, civil partner, widow, widower or surviving civil partner

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