transitional serial interest
- transitional serial interest
-
England, Wales
A transitional series interest (TSI) can arise in three ways:
• As an IIP that arises between 22 March 2006 and 5 October 2008 (inclusive), and which follows a previous IIP in effect immediately before 22 March 2006 (called "the previous interest") (sections 49B(a) and 49C, IHTA 1984).
• On the death of the holder of the previous interest, if he died after 5 October 2008 and the new life tenant is his spouse or civil partner (sections 49B(a) and 49D, IHTA 1984).
• To the extent that the trust property is a life insurance policy, if there has been an unbroken chain of IIPs ending on death, beginning with the death of either:
o The holder of the previous interest (provided that he died after 5 October 2008); or
o A person with a TSI under section 49C of IHTA 1984 (sections 49B(b) and 49E, IHTA 1984).
Related terms
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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