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
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000)).
- 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
- to certain unexercised cash options under
approved annuity schemes, (
IHTM17000) IHTA84/S152, and
- approved pension schemes (
IHTM20000) etc, even though the
property concerned may be settled property, IHTA84/S151 (4).
