SCHEDULES
F1SCHEDULE A1 Application of taper relief
Persons who are eligible beneficiaries
7
1
An eligible beneficiary, in relation to an asset comprised in a settlement and a time, is any individual having at that time a relevant interest in possession under the settlement in either—
a
the whole of the settled property; or
b
a part of the settled property that is or includes that asset.
2
In this paragraph “relevant interest in possession”, in relation to property comprised in a settlement, means any interest in possession under that settlement other than—
a
a right under that settlement to receive an annuity; or
b
a fixed-term entitlement.
3
In sub-paragraph (2) above “fixed-term entitlement”, in relation to property comprised in a settlement, means any interest under that settlement which is limited to a term that is fixed and is not a term at the end of which the person with that interest will become entitled to the property.
Sch. A1 inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), s. 121(2), Sch. 20