PART III SETTLED PROPERTY
CHAPTER IIF4 INTERESTS IN POSSESSION, REVERSIONARY INTERESTS AND SETTLEMENT POWERS
49 Treatment of interests in possession.
1
A person beneficially entitled to an interest in possession in settled property shall be treated for the purposes of this Act as beneficially entitled to the property in which the interest subsists.
F11A
Where the interest in possession mentioned in subsection (1) above is one to which the person becomes beneficially entitled on or after 22nd March 2006, subsection (1) above applies in relation to that interest only if, and for so long as, it is—
a
an immediate post-death interest,
b
a disabled person's interest, or
c
a transitional serial interest,
F2or falls within section 5(1B) above.
1B
Where the interest in possession mentioned in subsection (1) above is one to which the person became beneficially entitled before 22nd March, subsection (1) above does not apply in relation to that interest at any time when section 71A below applies to the property in which the interest subsists.
2
Where a person becomes entitled to an interest in possession in settled property as a result of a disposition for a consideration in money or money’s worth, any question whether and to what extent the giving of the consideration is a transfer of value or chargeable transfer shall be determined without regard to subsection (1) above.
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
Words in the title of Chapter II substituted (24.7.2002 with effect in relation to transfers of value on or after 17.4.2002) by virtue of 2002 c. 23, s. 119(5)(6)