[IHTM16084] Settled property exemptions: restrictions when a reversionary interest is acquired
Terminations of interests in possession in settled property offered too much scope for using exemptions as part of tax – avoidance schemes. So the anti – avoidance provisions of IHTA84/S55 and IHTA84/S56 deny exemption in the cases shown below.
The restriction in these provisions does not apply where the interest was acquired before 16 April 1976 in any case, but in some cases a later date of acquisition is specified (see below). The relevant date is always the date on which the interest was acquired.