Commentary

I5.146 Property not yielding income as an IIP

IHT, trusts and estates

I5.146 Property not yielding income as an IIP

I5.146 Property not yielding income as an IIP

A person can have an interest in possession (IIP) despite the asset not producing income and this is supported by HMRC1.

Settlements involving life assurance policies have, historically, been problematic and have been subjected to determination in the courts. One important feature of the estate duty cases on settled life assurance policies is that it was held that a beneficiary could have an interest in possession in such a policy from the time when it was effected, even though it was in the nature of the asset settled that no income or capital

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