Commentary

I5.728 Exclusions—reversions on leases for lives

IHT, trusts and estates

I5.728 Exclusions—reversions on leases for lives

I5.728 Exclusions—reversions on leases for lives

The interest of a lessor in relation to a lease for life which is treated as a settlement is a reversionary interest (I5.701)1, but is not excluded property (even though it is a reversionary interest)2.

The lessor's interest under such a lease can still qualify as excluded property under the foreign property rules if the property subject to the lease is outside the UK, and either the person beneficially entitled to the interest is domiciled outside the UK3 (see I9.311) or the interest is comprised in a settlement made by a foreign domiciled settlor4 (see I9.332).

The reversion on a

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