I5.146 Property Not Yielding Income As An IIP

Home / Simons-Taxes /IHT, trusts and estates /Part I5 Settled property /Division I5.1 Settled property—overview and key definitions /Interest in possession (IIP) / I5.146 Property not yielding income as an IIP

Commentary

IHT, trusts and estates

A person can have an interest in possession (IIP) despite the asset not producing income and this is supported by HMRC¹.

Settlements involving life assurance policies have, historically, been problematic and have been subjected to determination in the courts. One important feature of the estate duty cases on settled life assurance policies is that it was

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D6.503 International movement of capital—reportable transactions and events

D1.8101 Groups of companies

I4.142A Liabilities which are not discharged out of the estate

B3.340A Hire purchase of plant and machinery and similar contracts

C1.106A Annual exempt amount

C1.213 Liability to tax on chargeable gains—trustees in bankruptcy

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