[71D Age 18-to-25 trusts]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[71D  Age 18-to-25 trusts]

[(1)     This section applies to settled property (including property settled before 22nd March 2006), but subject to subsection (5) below, if—

(a)     the property is held on trusts for the benefit of a person who has not yet attained the age of 25,

(b)     at least one of the person's parents has died, and

(c)     subsection (2) below applies to the trusts.

(2)     This subsection applies to trusts—

(a)     established under the will of a deceased parent of the person mentioned in subsection (1)(a) above, or

(b)     established under the Criminal Injuries Compensation Scheme, [or

(c)     established under the Victims of Overseas Terrorism Compensation Scheme,]

which secure that the conditions in subsection (6) below are met.

(3)     Subsection (4) has effect where—

(a)     at any time on or after 22nd March 2006 but before 6th April 2008, or on the coming into force of paragraph 3(1) of Schedule 20 to the Finance Act 2006, any property ceases to be property to which section 71 above applies without ceasing to be settled property, and

(b)     immediately after the property ceases to be property to which section 71 above applies—

(i)     it is held on trusts

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