72 Property leaving employee trusts and newspaper trusts
Inheritance Tax Act 1984 (1984 c 51) | Legislation

72  Property leaving employee trusts and newspaper trusts

(1)     This section applies to settled property to which section 86 below applies [if—

(a)     no interest in possession subsists in it to which an individual is beneficially entitled, and

(b)     no company-purchased interest in possession subsists in it].

[(1A)     For the purposes of subsection (1)(b) above, an interest in possession is “company-purchased” if—

(a)     a company is beneficially entitled to the interest in possession,

(b)     the business of the company consists wholly or mainly in the acquisition of interests in settled property, and

(c)     the company has acquired the interest in possession for full consideration in money or money's worth from an individual who was beneficially entitled to it.

(1B)     Section 59(3) and (4) above apply for the purposes of subsection (1A)(c) above as for those of section 59(2)(b) above, but as if the references to the condition set out in section 59(2)(a) above were to the condition set out in subsection (1A)(b) above.]

(2)     Subject to subsections [(3A),] (4)[, (4A)] and (5) below,

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