Related Commentary  Related HMRC Manuals

72(1)  On the termination, on the death of the person entitled to it, of an interest in possession in all or any part of settled property–

(a)the whole or a corresponding part of each of the assets forming part of the settled property and not ceasing at that time to be settled property shall be deemed for the purposes of this Act at that time to be disposed of and immediately reacquired by the trustee for a consideration equal to the whole or a corresponding part of the market value of the asset; but

(b)no chargeable gain shall accrue on that disposal.

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