Commentary

I5.335 Relevant property becoming excluded property

IHT, trusts and estates

I5.335 Relevant property becoming excluded property

I5.335 Relevant property becoming excluded property

There is no charge when relevant property in a settlement becomes excluded property if it:

  1.  

    •     ceases to be situated in the UK1

  2.  

    •     becomes invested in an authorised unit trust, a share in an open-ended investment company2 or exempt government securities3 (see further I5.370, I5.371)

  3.  

    •     only becomes excluded property again as a result of the settlor becoming not resident in the UK, having previously been considered a formerly domiciled resident4 (see I9.332)

  4.  

    •     ceases to be property to which IHTA 1984, Schedule A1 paras 2 or 35 applies (residential property held

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