IHTM16062 - Interests in possession: definition of an interest in possession
바카라 사이트˜Interest in possession바카라 사이트™ is a concept of general law. There is a statutory definition in Scotland (IHTM16071), but not in England and Wales or Northern Ireland.
A 바카라 사이트˜qualifying interest in possession바카라 사이트™ is defined in IHTA84/S59 as an interest in possession to which an individual (or exceptionally, where IHTA84/S59 (2) applies, a company) is beneficially entitled.
Where the individual becomes beneficially entitled to the interest in possession, on or after 22 March 2006, it will only be a 바카라 사이트˜qualifying interest in possession바카라 사이트™ if it is an immediate post-death interest, a disabled person바카라 사이트™s interest or a transitional serial interest (IHTM16061).
But these definitions do not tell us what an interest in possession is.
The main authority for the definition of an interest in possession is the House of Lords case Pearson v IRC: a person has an interest in possession when they have 바카라 사이트˜a present right of present enjoyment바카라 사이트™ or an immediate right to the income or enjoyment of property (irrespective of whether the property produces income).
In contrast, the beneficiary (or object) under a non-interest in possession settlement has only the right to be considered by the trustees if and when they distribute any income or benefits.