Commentary

I5.731 Introduction to exemptions within a purchased reversion

IHT, trusts and estates

I5.731 Introduction to exemptions within a purchased reversion

Status of exemptions within a purchased reversion

I5.731 Introduction to exemptions within a purchased reversion

As mentioned in I5.225 and I5.241, IHT charges are imposed on settled property subject to a qualifying interest in possession (QIIP — see I5.201) by means of deemed transfers of value, and accordingly the exemptions for property going to or for spouses or civil partners1, charities2, political parties3, housing associations4, national purposes5, public benefit6, or maintenance funds7 apply by virtue of IHTA 1984, s 3(4) (see I5.221).

However, these exemptions are excluded by IHTA 1984, s 56 from applying to settled property in certain circumstances,

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