The Finance Act 2006 made a number of fundamental changes to the Inheritance Tax treatment of most interests in possession in settled property. These changes affect any interest that came into existence on or after 22 March 2006.

An individual entitled to an interest in possession which came into existence before that date was, and still is, deemed to own the settled property in which their interest subsists, IHTA84/S49(1).

Where a person becomes beneficially entitled to an interest in possession in settled property created on or after 22 March 2006, that property will only be treated as forming part of their estate for IHT purposes if the interest is

an immediate post death interest,

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