While settled property is subject to a transitional serial interest (TSI) it will not be subject to the relevant property charging regime described in Division I5.3.
There are three sub-categories of TSI1:
- Ìý
(a)ÌýÌýÌýÌý an interest in possession to which a person becomes entitled during the period 22 March 2006 to 5 October 20082 (referred to here as a 'general TSI')
- Ìý
(b)ÌýÌýÌýÌý an interest in possession to which a person becomes entitled on the death of his or her spouse or civil partner on or after 6 October 20083 (referred to here as a 'spouse TSI'); and
- Ìý
(c)ÌýÌýÌýÌý an interest in possession in a pre-22 March 2006 contract of life insurance4 (referred to here as a 'life policy TSI')
The general TSI
To fall within the first sub-category of TSI, the following conditions must be met for the relevant interest in possession ('the current interest')5:
- Ìý
(1)ÌýÌýÌýÌý The settlement commenced before 22 March 2006 and, immediately before 22 March 2006, the property then
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