Court of Appeal (Civil Division).

Peter Gibson, Thorpe and Chadwick LJJ.

Judgment delivered 7 November 1997.

Inheritance tax – Distribution of property settled by will – Shares settled on discretionary trust – Shares distributed within three months of death to trust in which husband had interest in possession – Whether husband’s interest in possession deemed to have arisen under the will – Whether spouse’s exemption available – Inheritance Tax Act 1984, s. 65(4),144(1)(a).

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