A lease of property which is for life, or for a period ascertainable only by reference to a death (or which is terminable on, or at a date ascertainable only by reference to, a death) shall be treated as a settlement and the property as settled property. This is unless the lease was granted for full consideration in money or money's worth.
Where a lease not granted as a lease at a rack rent is at any time to become a lease at an increased rent it shall be treated as terminable at that time1.
This provision is designed to treat leases, which are in effect life interests, in the same way as settlements. It includes not only leases for a life or lives which
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 16:53