PART 4Excise duties and other taxes
Inheritance tax
175Open- ended investment companies and authorised unit trusts
1
In section 65 of IHTA 1984 (settlements without interests in possession etc: charge when property ceases to be relevant property etc), after subsection (7) insert—
7A
Tax shall not be charged under this section by reason only that property comprised in a settlement becomes excluded property by virtue of section 48(3A)(a) (holding in an authorised unit trust or a share in an open-ended investment company is excluded property unless settlor domiciled in UK when settlement made).
2
The amendment made by this section is treated as having come into force on 16 October 2002.