5 Meaning of estate
Inheritance Tax Act 1984 (1984 c 51) | Legislation

5  Meaning of estate

(1)     For the purposes of this Act a person's estate is the aggregate of all the property to which he is beneficially entitled, [except that—

(a)     the estate of a person—

(i)     does not include an interest in possession in settled property to which section 71A or 71D below applies, and

(ii)     does not include an interest in possession that falls within subsection (1A) below [unless it falls within subsection (1B) below], and

(b)     the] estate of a person immediately before his death does not include excluded property [or a foreign-owned work of art which is situated in the United Kingdom for

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