It should be noted that the person whose circumstances are relevant in determining whether relief is available is the beneficiary entitled to the interest in possession. This is because the expression ‘transfer of value’ includes an occasion on which tax is chargeable ‘as if’ such a transfer had been made, and ‘transferor’ is construed accordingly (IHTA 1984, s. 3(4)). Therefore, any conditions regarding occupation, ownership and right to vacant possession must be satisfied by the beneficiary.

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