Commentary

I5.161 Interests in residue as an IIP

IHT, trusts and estates

I5.161 Interests in residue as an IIP

Unadministered estates and interests in possession

I5.161 Interests in residue as an IIP

It is specifically provided that where a person would be entitled to an interest in possession (IIP) in the residue of an estate (if the administration were complete) that person is treated as having an interest in possession in the whole or an appropriate part of the unadministered estate1. The termination by death or disposal of a qualifying interest in possession (Division I5.2) in residue during the administration period therefore gives rise to a deemed transfer of value of the underlying property under the settled property

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