Section 6 — Inheritance Tax Act 1984: Excluded property.

Excluded property. 6 1 Property situated outside the United Kingdom is excluded property if the person beneficially entitled to it is an individual who is not a long-term UK resident . 1A A holding in an authorised unit trust and a share in an open-ended investment company is excluded property if the person beneficially entitled to it is an individual who is not a long-term UK resident . 1B A relevant decoration or award is excluded property if it has never been the subject of a disposition for a consideration in money or money's worth. 1BA In subsection (1B) “ relevant decoration or award ” means a decoration or other similar award—

a that is designed to be worn to denote membership of—

i an Order that is, or has been, specified in the Order of Wear published in the London Gazette (“ the Order of Wear ”), or ii an Order of a country or territory outside the United Kingdom, b that is, or has been, specified in the Order of Wear, c that was awarded for valour or gallant conduct, d that was awarded for, or in connection with, a person being, or having been, a member of, or employed or engaged in connection with, the armed forces of any country or territory, e that was awarded for, or in connection with, a person being, or having been, an emergency responder within the meaning of section 153A (death of emergency service personnel etc ), or f that was awarded by the Crown or a country or territory outside the United Kingdom for, or in connection with, public service or achievement in public life. 1C In subsection (1B) the reference to a disposition of the decoration or other award includes—

a a reference to a disposition of part of it, and b a reference to a disposition of an interest in it (or in part of it).

2 Where securities have been issued by the Treasury subject to a condition authorised by section 22 of the Finance ( No. 2) Act 1931 (or section 47 of the Finance (No. 2) Act 1915) for exemption from taxation so long as the securities are in the beneficial ownership of persons of a description specified in the condition , the securities are excluded property if they are in the beneficial ownership of such a person. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 Property to which this subsection applies by virtue of section 155(1) or (5A) below is excluded property.

5 This section is subject to Schedule A1 (non-excluded overseas property).