IHTM04351 - Reverter to settlor: introduction
Where a qualifying interest in possession (IIP) in settled property (IHTM16062) comes to an end on a death (IHTM04082) and on that event the property reverts to the settlor, IHTA84/S54 (1) provides that the property is left out of account in determining the value of the deceased바카라 사이트™s estate.
Where a person becomes beneficially entitled to an IIP on or after 22 March 2006, S54 (1) applies only where the interest is a disabled person바카라 사이트™s interest or a transitional serial interest (IHTA84/S54 (2A)).
Similar relief is provided by IHTA84/S53 (3) where such an interest comes to an end during a person바카라 사이트™s lifetime (IHTM04083) by excluding the charge under IHTA84/S52.
The conditions for the relief are very clear and simple, but they must be fulfilled precisely. There are limitations (IHTM04352) to the relief and some statutory restrictions. (IHTM04353)