Statute
Section 55 — Inheritance Tax Act 1984: Reversionary interest acquired by beneficiary.
Text of the provision Official document
Reversionary interest acquired by beneficiary. 55 1 Notwithstanding section 5(1) above, where a person entitled to an interest (whether in possession or not) in any settled property acquires a reversionary interest expenctant (whether immediately or not) on that interest, the reversionary interest is not part of his estate for the purposes of this Act.
2 Section 10(1) above shall not apply to a disposition by which a reversionary interest is acquired in the circumstances mentioned in subsection (1) above . . .
Official source: legislation.gov.uk
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