IHTM04457 - Estate Duty surviving spouse exemption: meaning of competent to dispose
The words 바카라 사이트˜competent to dispose바카라 사이트™ are not defined in the legislation, but their meaning is expanded by FA1894/S22 (2)(a) as follows:
바카라 사이트˜A person is competent to dispose of property if he has such an estate or interest therein or such general power as would enable him to dispose of it. (IHTM04458) And the expression 바카라 사이트˜general power바카라 사이트™ includes every power or authority enabling the donee or other holder thereof to appoint or dispose of property as he thinks fit, whether exercisable by deed or will, or both.바카라 사이트™
The 바카라 사이트˜person바카라 사이트™ referred to in FA1894/S22 (2)(a) is the surviving spouse on whose death the claim for exemption arises, not some other person, for example, a reversioner who died between the deaths of the two spouses.
It is clear from the Coutts case (see IHTM04456) that the exemption is not lost unless the surviving spouse was competent to dispose of the actual settled property on which duty was paid on the first death. Competency to dispose of, for example, a defeasible interest in the settled property does not prevent the exemption from applying.