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(1)For the purposes of this Part of this Act, a person's estate is the aggregate of all the property to which he is beneficially entitled, except that the estate of a person immediately before his death does not include excluded property.
(2)A person who has a general power which enables him, or would if he were sui juris enable him, to dispose of any property other than settled property, or to charge money on any property other than settled property, shall be treated as beneficially entitled to the property or money; and for this purpose " general power " means a power or authority enabling the person by whom it is exercisable to appoint or dispose of property as he thinks fit.
(3)Notwithstanding subsection (1) above, where a person entitled to an interest (whether in possession or not) in any settled property acquires a reversionary interest expectant (whether immediately or not) on that interest, the reversionary interest is not part of his estate for the purposes of this Part of this Act.
(1)The following provisions of this section apply for determining what is excluded property for the purposes of this Part of this Act, in addition to property which is excluded property by virtue of any of the provisions of Schedule 7 to this Act, and subject to paragraph 2 of Schedule 5 to this Act.
(2)Property situated outside the United Kingdom is excluded property if the person beneficially entitled to it is an individual domiciled outside the United Kingdom.
(3)A reversionary interest is excluded property unless—
(a)it has at any time been acquired (whether by the person entitled to it or by a person previously entitled to it) for a consideration in money or money's worth; or
(b)it is the interest expectant on the determination of a lease treated as a settlement by virtue of paragraph 1(3) of Schedule 5 to this Act.
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