71 Accumulation and maintenance trusts
Inheritance Tax Act 1984 (1984 c 51) | Legislation

71  Accumulation and maintenance trusts

(1)     Subject to [subsections (1A) to] (2) below, this section applies to settled property if—

(a)     one or more persons (in this section referred to as beneficiaries) will, on or before attaining a specified age not exceeding [eighteen], become beneficially entitled to it . . ., and

(b)     no interest in possession subsists in it and the income from it is to be accumulated so far as not applied for the maintenance, education or benefit of a beneficiary.

[(1A)     This section does not apply to settled property at any particular time on or after 22nd March 2006 unless this section—

(a)     applied to the settled property immediately before 22nd March 2006, and

(b)     has applied to the settled property at all subsequent times up to the particular time.

(1B)     This section does not apply to settled property at any particular time on or after 22nd March 2006 if, at that time,

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Direct discrimination

Direct discriminationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

Schemes of arrangement—procedure

Schemes of arrangement—procedureProduced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note looks at the detailed procedures to be followed to implement the acquisition by a buyer (offeror) of all the shares, or one or more classes of shares, in a company

LEXISNEXIS

Recklessness in criminal cases

Recklessness in criminal casesWhat is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House

LEXISNEXIS

PRA Rulebook—introduction for the insurance and reinsurance sector

PRA Rulebook—introduction for the insurance and reinsurance sectorOn 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise