Commentary

I9.432 Absolute interests

IHT, trusts and estates

I9.432 Absolute interests

I9.432 Absolute interests

Interests arising under a settlement or an administered estate which are in possession and subject to neither a condition nor defeasance are generally interests in specie situated where the property is1. This is on the basis that the beneficiary is absolutely entitled to a share of, or to the whole of, the property comprised in the trust and may request its transfer. The rule is most clearly applicable to assets where there is no difficulty regarding division, such as items of 'cash, money at the bank or an unsecured loan, Stock Exchange securities and the like'2.

The rule

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