13 Settlements with initial interest in possession
Finance (No 2) Act 2015 (2015 c 33) | Legislation

13  Settlements with initial interest in possession

(1)     In section 80 of IHTA 1984 (initial interest of settlor or spouse or civil partner), for “an interest in possession”, in each place it appears, substitute “a qualifying interest in possession”.

(2)     The amendments made by this section come into force on the day after the day on which this Act is passed subject to the saving provision in subsections (3) to (7).

(3)     Subsections (4) to (7) apply where—

(a)     the occasion first referred to in subsection (1) of section 80 of IHTA 1984 occurred before 22 March 2006,

(b)     on that occasion the settlor, or the settlor's spouse or civil partner, became beneficially entitled to an interest in possession in property which, as a result of

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