Inheritance Tax Act 1984

[F149AImmediate post-death interestU.K.

(1)Where a person (“L”) is beneficially entitled to an interest in possession in settled property, for the purposes of this Chapter that interest is an “immediate post-death interest” only if the following conditions are satisfied.

(2)Condition 1 is that the settlement was effected by will or under the law relating to intestacy.

(3)Condition 2 is that L became beneficially entitled to the interest in possession on the death of the testator or intestate.

(4)Condition 3 is that—

(a)section 71A below does not apply to the property in which the interest subsists, and

(b)the interest is not a disabled person's interest.

(5)Condition 4 is that Condition 3 has been satisfied at all times since L became beneficially entitled to the interest in possession.]