IHTM04035 - Structure of the charge: what is general power property?
Property (IHTM04030) brought within a person’s estate (IHTM04029) by IHTA84/S5 (2) includes
- on that person’s death, unsettled property which he or she can dispose of by will (Att Gen v Quixley [1929] 141 LT 288)
- an absolute interest in property which is given (whether by lifetime transfer or on death) to a person, but which he (or his personal representative) disclaims. The property is included in the person’s estate on the grounds that he had a power enabling him to ‘dispose of property as he thinks fit’. This is subject to the reliefs in IHTA84/S17 (1), IHTA84/S93 and IHTA84/S142.
- some policies with certain Canadian insurance companies (IHTM20611).
There are two special rules for pension schemes which mean that a ‘general power’ as defined in IHTA84/S5 (2) does not apply