Commentary

I5.203 Definition of QIIP for individuals

IHT, trusts and estates

I5.203 Definition of QIIP for individuals

I5.203 Definition of QIIP for individuals

A person with a qualifying interest in possession in trust assets is treated as absolutely entitled to the underlying capital for IHT purposes1.

A qualifying interest in possession (referred to for convenience as a 'qualifying IIP' or 'QIIP') differs depending upon whether the beneficiary is a company or an individual.

Individual

A qualifying interest in possession is:

  1.  

    •     after 21 March 2006 a trust that falls within one of the following categories:

    1.  

      –     an interest in possession to which an individual became beneficially entitled before 22 March 20062 (unless it is an interest in possession

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