transitional serial interest

transitional serial interest
England, Wales
A type of interest in possession (IIP) trust that is not taxed under the relevant property regime. Instead, the life tenant is treated as the owner of the assets for inheritance tax purposes.
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).
Trusts for bereaved minors (trust for bereaved minors) and disabled person's interests cannot be TSIs.
See also qualifying IIP.
Related terms

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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