Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Chapter IHTM04034

Document Cited authorities 2 Cited in Related
Vincent
Published date20 March 2016
Record NumberIHTM04034
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

A person is treated as beneficially entitled (IHTM04031) to property (IHTM04030) or money if he or she has a general power which enables him or her, or would so enable if he or she was ‘sui juris’ (had capacity to manage their own affairs) either

  • to dispose of property other than settled property, or
  • to charge money on any property other than settled property.

A general power is defined as meaning a power or authority enabling the person by whom it is exercisable to appoint or dispose of property as he thinks fit, IHTA84/S5 (2). A power over settled property is also property (IHTM04030) for the purposes of IHTA84/S272.

The word ‘power’ in the phrase ‘power or authority’ is not used in a technical conveyancing sense, as in power of appointment, but in the sense of capacity (Re Penrose [1933] Ch 793). Thus general power may include the choice of appointing the assets to oneself (Re Penrose above). But you should not regard a person as having a general power to dispose of property merely because he could acquire it...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT