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Relevant property
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Relevant property
Practical Law UK Glossary 7-383-8154
(Approx. 4 pages)
Glossary
Relevant property
A
trust
asset in which there is no
qualifying interest in possession
, except for an asset included in:
Charitable trusts
.
Accumulation and maintenance trusts
under section 71 of the Inheritance Tax Act 1984 (IHTA 1984) as amended by the Finance Act 2006.
Trusts for bereaved minors
.
18 to 25 trusts
.
Pre-1978
protective trusts
(see section 73 of IHTA 1984).
Pre-1981 trusts for disabled persons (see section 74 of IHTA 1984, which contains a definition of "disabled person" for this purpose).
Employee benefit trusts
, unless there is an IIP created on or after 22 March 2006 that is not an
immediate post-death interest
, a
disabled person's interest
or a
transitional serial interest
(see sections 58 and 86 of IHTA 1984).
Maintenance funds for historic buildings (see Schedule 4 of IHTA 1984).
Registered pension schemes
and certain superannuation funds (see section 615(3) of ICTA 1988).
Trade or professional compensation funds (see section 58(3) of IHTA 1984).
Asbestos compensation settlements (see section 58(4) of IHTA 1984).
Decommissioning security settlements (see section 58(6) and (7) of IHTA 1984).
Excluded property
(see sections 6, 48 and 272 of IHTA 1984).
Certain pools payments for football ground improvements and to support sports and games (see section 126 of FA 1990 and section 121 of FA 1991).
(
Section 58(1), IHTA 1984
,
section 126, Finance Act 1990
and
section 121, Finance Act 1991
.)
Trusts that hold relevant property are subject to a specific
inheritance tax
regime, see
relevant property trust
.