Textual Amendments
F1Words 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)
(1)Where a person (“E”) is beneficially entitled to an interest in possession in settled property (“the successor interest”), that interest is a transitional serial interest for the purposes of this Chapter if the following conditions are met.
(2)Condition 1 is that—
(a)the settlement commenced before 22nd March 2006, and
(b)immediately before 22nd March 2006, the property then comprised in the settlement was property in which a person other than E was beneficially entitled to an interest in possession (“the previous interest”).
(3)Condition 2 is that the previous interest came to an end on or after 6th [F4October] 2008 on the death of that other person (“F”).
(4)Condition 3 is that, immediately before F died, F was the spouse or civil partner of E.
(5)Condition 4 is that E became beneficially entitled to the successor interest on F's death.
(6)Condition 5 is that—
(a)section 71A below does not apply to the property in which the successor interest subsists, and
(b)the successor interest is not a disabled person's interest.]
Textual Amendments
F2Ss. 49A-49E inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 para. 5(1)(2)
F3S. 49D: word in heading substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), s. 141(1)(b)(2)
F4Word in s. 49D(3) substituted (retrospective to 6.4.2008) by Finance Act 2008 (c. 9), s. 141(1)(b)(2)