Commentary

I5.215 A lease for life as a QIIP

IHT, trusts and estates

I5.215 A lease for life as a QIIP

I5.215 A lease for life as a QIIP

In the case of a lease for life where partial consideration has been given for the lease (and is therefore treated as a settlement), a proportional part of the value of the property subject to the lease is treated as the lessor's interest1. Remember that where full consideration has been given a lease for life is not treated as a settlement2 — see I5.116. The lessee's interest in possession in the property is then treated as subsisting in the whole value of the property less such part of it as corresponds to

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