Subject to the qualifications set out below, anyone of full age who has a vested interest in income (eg, a life interest) or a vested interest in capital is normally entitled to be paid the current income or the current income of that capital (as the case may be), and so has an interest in possession for IHT purposes, notwithstanding that the interest is subject to defeasance by the happening of an event or the exercise of a power1.
A person with a vested interest is not entitled to the current income as it arises in the following circumstances:
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•ÌýÌýÌýÌý if there is some current prior interest which uses up the income, or an express direction to accumulate income under which someone else has a possible interest, or some discretionary power over income
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Web page updated on 17 Mar 2025 15:14