Commentary

I5.303 The meaning of 'relevant property' and exclusions

IHT, trusts and estates

I5.303 The meaning of 'relevant property' and exclusions

I5.303 The meaning of 'relevant property' and exclusions

IHT charges on settled property without a qualifying interest in possession (QIIP) are expressed as charges on 'relevant property'1. There is a mechanism for making the charges proportional to the period during which trust property has been relevant property2.

Relevant property means3 settled property (I5.111) in which no QIIP (I5.203) subsists. A summary of the types of trusts that are typical of the regime is given at I5.301.

It seems that this definition of relevant property must also be applied to circumstances before 9 March 1982 when, for example, determining how long property has

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