Section 60 — Finance Act 2014: Termination of life interest and death of life tenant: disabled persons

Termination of life interest and death of life tenant: disabled persons 60 1 TCGA 1992 is amended as follows.

2 In section 72 (termination of life interest on death of person entitled)—

a in subsection (1B)(a)(iii), for “within section 89B(1)(c) or (d)” substitute “ , within the meaning given by section 89B ” , and b at the end insert— 6 An interest which is a disabled person's interest by virtue of section 89B(1)(a) or (b) of the Inheritance Tax Act 1984 is to be treated as an interest in possession for the purposes of this section.

3 In section 73(3) (death of life tenant: exclusion of chargeable gain), for “to (5)” substitute “ to (6) ” .

4 The amendments made by this section have effect in relation to deaths occurring on or after 5 December 2013.