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.

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