ihta84/s51.- Disposal of interest in possession.

[1975 Sch.5
para.4(1).]

51.-(1) Where a person beneficially entitled to an interest in possession in settled property disposes of his interest the disposal-

(a) is not a transfer of value, but

(b) shall be treated for the purposes of this Chapter as the coming to an end of his interest;

and tax shall be charged accordingly under section 52 below.

[1975 s.46(5).]

(2) Where a disposition satisfying the conditions of section 11 above is a disposal of an interest in possession in settled property, the interest shall not by virtue of subsection (1) above be treated as coming to an end.

[1975 Sch.5
para.4(10);
1983 Sch.9

(3) References in this section to any property or to an interest in any property include references to part of any property or interest.