[49E Transitional serial interest: contracts of life insurance]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[49E  Transitional serial interest: contracts of life insurance]

[(1)     Where—

(a)     a person (“C”) is beneficially entitled to an interest in possession in settled property (“the present interest”), and

(b)     on C's becoming beneficially entitled to the present interest, the settled property consisted of, or included, rights under a contract of life insurance entered into before 22nd March 2006,

the present interest so far as subsisting in rights under the contract, or in property comprised in the settlement that directly or indirectly represents rights under the contract, is a “transitional serial interest” for the purposes of this Chapter if the following conditions are met.

(2)     Condition

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