PART III SETTLED PROPERTY
CHAPTER IIF3 INTERESTS IN POSSESSION, REVERSIONARY INTERESTS AND SETTLEMENT POWERS
49CF4Transitional serial interest: interest to which person becomes entitled during period 22nd March 2006 to 5th F1October 2008
1
Where a person (“B”) is beneficially entitled to an interest in possession in settled property (“the current interest”), that interest is a transitional serial interest for the purposes of this Chapter if the following conditions are met.
2
Condition 1 is that—
a
the settlement commenced before 22nd March 2006, and
b
immediately before 22nd March 2006, the property then comprised in the settlement was property in which B, or some other person, was beneficially entitled to an interest in possession (“the prior interest”).
3
Condition 2 is that the prior interest came to an end at a time on or after 22nd March 2006 but before 6th F2October 2008.
4
Condition 3 is that B became beneficially entitled to the current interest at that time.
5
Condition 4 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.
Words in the title of Chapter II substituted (24.7.2002 with effect in relation to transfers of value on or after 17.4.2002) by virtue of 2002 c. 23, s. 119(5)(6)