ihta84/s55.- Reversionary interest acquired by beneficiary.

[1975 s.23(3).]

55.-(1) Notwithstanding section 5(1) above, where a person entitled to an interest (whether in possession or not) in any settled property acquires a reversionary interest expectant (whether immediately or not) on that interest, the reversionary interest is not part of his estate for the purposes of this Act.

[1975 s.20(4).]

(2) Section 10(1) above shall not apply to a disposition by which a reversionary interest is acquired in the circumstances mentioned in subsection (1) above [and such a disposition is not a potentially exempt transfer ¹ .]

1 1986 Sch.19, para.15, with effect from 18 March 1986 and repealed by 1987 (No.2) s.96(5) and Sch.9, Part III, with effect from 17 March 1987.