Overview

settled property


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Property that is included in an interest-in-possession trust. A person entitled to benefit from the settled property is known as the life tenant. When the estate of the life tenant is assessed for inheritance tax, the value of the settled property is included, provided the property does not comprise excluded property. The inheritance tax attributable to the settled property is payable by the trustees of the interest-in-possession trust and this is shown separately in the inheritance-tax computation of the life tenant. Further information regarding this complex topic can be obtained from HM Revenue’s Inheritance Tax Manual.

Subjects: Accounting.


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