Section 49A — Inheritance Tax Act 1984: Immediate post-death interest

Immediate post-death interest 49A 1 Where a person (“L”) is beneficially entitled to an interest in possession in settled property, for the purposes of this Chapter that interest is an “immediate post-death interest” only if the following conditions are satisfied.

2 Condition 1 is that the settlement was effected by will or under the law relating to intestacy.

3 Condition 2 is that L became beneficially entitled to the interest in possession on the death of the testator or intestate.

4 Condition 3 is that—

a section 71A below does not apply to the property in which the interest subsists, and b the interest is not a disabled person's interest.

5 Condition 4 is that Condition 3 has been satisfied at all times since L became beneficially entitled to the interest in possession.