I9.431 Situs of equitable interests for IHT — introduction
The situs of an equitable interest depends upon whether it is to be regarded as a proprietary right in which case it is situated where the asset is situated, or a personal right of action against the legal owner or trustee1 in which case it will be situated in the place where the right of action is enforceable, generally where the legal owner or trustee resides.
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