ihta84/s49.- Treatment of interests in possession.

[1975 Sch.5
para.3(1).]

49.-(1) A person beneficially entitled to an interest in possession in settled property shall be treated for the purposes of this Act as beneficially entitled to the property in which the interest subsists.

[1978 s.69(7).]

(2) Where a person becomes entitled to an interest in possession in settled property as a result of a disposition for a consideration in money or money's worth, any question whether and to what extent the giving of the consideration is a transfer of value or chargeable transfer shall be determined without regard to subsection (1) above.

(3) Where a person becomes entitled to an interest in possession in settled property as a result of such a disposition as is mentioned in subsection (2) above, no transfer of value resulting from the giving of consideration as so mentioned shall be a potentially exempt transfer ¹.]

1 1986 Sch.19, para.14, with effect from 18 March 1986 and repealed by 1987 (No.2) s.96(4) and Sch.9 Part III, in relation to transfers of value made on or after 17 March 1987