Special rules apply for settled property where the settlor (or his spouse or civil partner) has an initial interest in possession.
This term includes a widow, widower or surviving civil partner.
Settlement made after 26 March 1974 and before 22 March 2006
If a settlement is made after 26 March 1974 and before 22 March 2006, and the settlor, his spouse or civil partner has an initial interest in possession the property shall be treated as not having been settled on that occasion.
However, when the property or any part of it becomes held on trusts under which one or more of those persons is entitled to a qualifying interest in possession (QIIP), the property shall be treated as becoming comprised in a separate settlement made by the one who ceased to be entitled to QIIP1.
Settlement made on or after 22 March 2006
Where property becomes comprised in a settlement on or after 22 March 2006, and the settlor, spouse or civil partner
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 14:04