For the latest New Development, see ND.2733.
While settled property is subject to a disabled person's interest it will not be subject to the relevant property charging regime described in Division I5.3.
There are four sub-categories of disabled person's interest1.
IIP disabled person's interests
Two of the sub-categories are qualifying disabled person's interests where an actual interest in possession (IIP) exists.
A trust is a disabled person's trust if:
- Ìý
•ÌýÌýÌýÌý the interest is an IIP to which a disabled person becomes beneficially entitled on or after 22 March 2006 and (for property transferred into settlement on or after 17 July 2013), if the trust secures that any of the trust income is applied during the disabled person's life for the benefit of a beneficiary, it is applied for the benefit of the disabled person2, or
- Ìý
•ÌýÌýÌýÌý the interest is an IIP for a person ('A') where3:
- Ìý
•ÌýÌýÌýÌý A is the settlor
- Ìý
•ÌýÌýÌýÌý A was beneficially entitled to the property immediately before transferring it into settlement
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