Commentary

I5.204 Definition of QIIP for companies

IHT, trusts and estates

I5.204 Definition of QIIP for companies

I5.204 Definition of QIIP for companies

Companies generally

An interest in possession to which a company is beneficially entitled is a qualifying interest in possession where the following conditions are fulfilled:

  1.  

    (i)     the business of the company consists wholly or mainly in the acquisition of interests in settled property

  2.  

    (ii)     the company has acquired the interest for full consideration in money or money's worth from an individual who was beneficially entitled to the interest; and

  3.  

    (iii)     if the individual became beneficially entitled to the interest in possession on or after 22 March 2006, the interest is an immediate post-death interest,

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