Related Commentary  Related HMRC Manuals

72(1)  This section applies to settled property to which section 86 below applies if–

(a)no interest in possession subsists in it to which an individual is beneficially entitled, and

(b)no company-purchased interest in possession subsists in it.

72(1A)  For the purposes of subsection (1)(b) above, an interest in possession is “company-purchased” if–

(a)a company is beneficially entitled to the interest in possession,

(b)the business of the company consists wholly or mainly in the acquisition of interests in settled property, and

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