Related Commentary  Related CasesRelated HMRC Manuals

48(1)  A reversionary interest is excluded property unless–

(a)it has at any time been acquired (whether by the person entitled to it or by a person previously entitled to it) for a consideration in money or money’s worth, or

(b)it is one to which either the settlor or his spouse or civil partner is or has been beneficially entitled, or

(c)it is the interest expectant on the determination of a lease treated as a settlement by virtue of section 43(3) above or,

(d)in a case where paragraphs (a), (b) and (d) of section 74A(1) are satisfied–

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