IHTM04085 - Settled property: the charge where an interest in possession is disposed of.
Where a person who is beneficially entitled (IHTM04031) to an interest in possession (IIP) (IHTM16000) in settled property 바카라 사이트榙isposes바카라 사이트� of their interest, IHTA84/S51 (1) applies. The disposal does not rank as an actual transfer of value (IHTM04024) but is treated as 바카라 사이트榯he coming to an end of their interest바카라 사이트�. Tax is charged in accordance with IHTA84/S52 (1).聽This means that the disposal is regarded as a deemed transfer of value (IHTM04025) and the lifetime exemptions (IHTM14131) are excluded.
Where the interest that바카라 사이트檚 disposed of is one in which the person became beneficially entitled to on or after 22 March 2006, S51 (1) only applies if the interest is an immediate post-death interest, a disabled person바카라 사이트檚 interest within S89B (1)(c) or (d), or a 바카라 사이트榯ransitional serial interest바카라 사이트� (IHTM16061). Where the interest that바카라 사이트檚 disposed of is one which the person became beneficially entitled before 22 March 2006 S51 (1) is disapplied if the provisions of S71A (trusts for a聽bereaved minor 바카라 사이트� IHTM42815) or S71D (18-to-25 trusts바카라 사이트� IHTM42816) apply to the underlying property, S51 (1B).
A further exception here concerns a disposition that satisfies the conditions for relief or maintenance of the family (IHTM04171), IHTA/S11. Where the conditions in s.11 are met, the disposal is not treated as bringing the interest to an end, IHTA84/S51 (2).
The word 바카라 사이트榙isposal바카라 사이트� is not specially defined and hence has its ordinary English meaning. A beneficiary should be regarded as having disposed of their interest, for example, if they settle it on someone else, or if they charge it with an annuity, or assign it to someone else for a fixed term.
On the other hand a revocable mandate given by a beneficiary to pay income due in respect of his beneficial interest to another merely confers a running right to receive such income as and when it arises until the mandate is revoked.聽It neither disposes of nor determines the beneficial interest itself, which remains with the original beneficiary.