qualifying interest in possession
- qualifying interest in possession
-
England, Wales
From 22 March 2006, only the following are qualifying IIPs:
• An IIP to which an individual became entitled before 22 March 2006.
• An IIP to which an individual became entitled on or after 22 March 2006 and which is:
(Section 59(1), Inheritance Act 1984 (IHTA 1984).)
All other IIP trusts created on or after 22 March 2006 are subject to the relevant property regime, unless they meet the conditions for trust for bereaved minors or 18 to 25 trusts, which are subject to their own charging regimes under sections 71B and 71E of IHTA 1984 respectively.
Related terms
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
Look at other dictionaries:
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