Commentary

I4.226 Settled property and the spouse exemption

IHT, trusts and estates

I4.226 Settled property and the spouse exemption

I4.226 Settled property and the spouse exemption

After 21 March 2006, only limited categories of interest in possession in settled property are such that the settled property is treated as comprised in the estate of the person beneficially entitled to the interest (referred to here as qualifying interests in possession (QIIP — see I5.201).

Accordingly, it is only in the following circumstances that the spouse (and civil partnership) exemption can apply in relation to settled property (subject to the restrictions on the exemption where spouses have different domiciles (see I4.227)):

  1.  

    •     A transfer of property into a settlement where the settlor's spouse is a disabled person and becomes immediately beneficially entitled to an interest in

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