PART IIISettled Property
CHAPTER IIISettlements Without Interests in Possession
Interpretation
59Qualifying interest in possession
1
In this Chapter "qualifying interest in possession" means an interest in possession to which an individual, or where subsection (2) below applies a company, is beneficially entitled.
2
This subsection applies where—
a
the business of the company consists wholly or mainly in the acquisition of interests in settled property, and
b
the company has acquired the interest for full consideration in money or money's worth from an individual who was beneficially entitled to it.
3
Where the acquisition mentioned in paragraph (b) of subsection (2) above was before 14th March 1975—
a
the condition set out in paragraph (a) of that subsection shall be treated as satisfied if the business of the company was at the time of the acquisition such as is described in that paragraph, and
b
that condition need not be satisfied if the company is authorised to carry on long-term business under section 3 or 4 of the [1982 c. 50.] Insurance Companies Act 1982.