IHTM35071 - Meaning of estate for s.142:
introduction
The normal meaning of an individual's estate (
IHTM04029) is modified for the purposes
of IHTA84/S142 (1) in the following way so that
- it is extended to include any excluded
property (
IHTM04141) which would otherwise be
taken out of the IHT estate by IHTA84/S5 (1). Examples are
- a non-purchased reversionary interest (
IHTM04281)
- certain British Government securities (
IHTM04291) if the deceased was not
ordinarily resident in the UK
- it is restricted by the excluding from the
meaning of estate property to which the deceased was entitled to
under
- IHTA84/S49 (1), settled property, (
IHTM16000) and
- FA86/S102, a gift with reservation (
IHTM04072) which is still subject to a
reservation at the date of death.
Subject to these modifications, the normal meaning of estate
applies. Property that may be redirected by a variation
includes
- joint property (
IHTM15081) passing by
survivorship,
- joint property passing under a special
destination (
IHTM15050) in Scotland, and
- property devolving under legal rights (
IHTM12221) in Scotland.
