Commentary

I5.726 Exclusions—reversionary interests acquired by someone with a prior interest

IHT, trusts and estates

I5.726 Exclusions—reversionary interests acquired by someone with a prior interest

I5.726 Exclusions—reversionary interests acquired by someone with a prior interest

Where a person entitled to an interest (whether in possession or not) in any settled property acquires a reversionary interest expectant (whether immediately or not) on that interest, the reversionary interest is not part of his estate1. Following the Finance Act 2006 (I5.201), this exclusion was not amended to apply only to a reversionary interest expectant on a QIIP, but applies to a reversionary interest expectant on any interest in possession.

Further, the commercial transactions rule (I3.141)2 does not apply where such an acquisition is made3, and the spouse or civil

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