F1SCHEDULE 1AGifts to charities etc: tax charged at lower rate
The components of the estate
3
1
For the purposes of paragraph 2, the components of the estate are—
a
the survivorship component,
b
the settled property component, and
c
the general component.
2
The survivorship component is made up of all the property comprised in the estate that, immediately before D's death, was joint (or common) property liable to pass on D's death—
a
by survivorship (in England and Wales or Northern Ireland),
b
under a special destination (in Scotland), or
c
by or under anything corresponding to survivorship or a special destination under the law of a country or territory outside the United Kingdom.
3
The settled property component is made up of all the settled property comprised in the estate in which there subsisted, immediately before D's death, an interest in possession to which D was beneficially entitled immediately before death.
4
The general component is made up of all the property comprised in the estate other than—
a
property in the survivorship component,
b
property in the settled property component, and
c
property that forms part of the estate by virtue of section 102(3) of the Finance Act 1986 (gifts with reservation).
Sch. 1A inserted (with effect in accordance with Sch. 33 para. 10(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 33 para. 1