Section 468 — Income Tax Act 2007: Meaning of “disposable property”

Meaning of “disposable property” 468 1 This section applies for the purposes of section 467(4)(b)(i).

2 Property is disposable if S could have disposed of it by S's will.

3 In working out whether any property could have been so disposed of—

a make the assumptions mentioned in subsection (4),

and b ignore the powers mentioned in subsection (5).

4 Assume that—

a S is of full age and capacity, b the property is situated in England and Wales, and c if S is not domiciled in the United Kingdom, S is domiciled in England and Wales.

5 The powers to be ignored are—

a any power of appointment giving S the right to dispose of the property, and b any testamentary power conferred by statute to dispose of entailed interests.