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Chapter IHTM14221

Document Cited authorities 1 Cited in Related
Vincent
Published date20 March 2016
Record NumberIHTM14221
CourtHM Revenue & Customs

The gift in consideration of marriage or civil partnership exemption (IHTM14191) applies to the termination of an interest in possession (IHTM16001) in settled property on the basis that references to:

  • transfers of value (IHTM04024) made by gifts in consideration of marriage or civil partnership are read as including the termination of interests in possession in consideration of marriage or civil partnership
  • outright gifts (IHTM14211) are read as including cases where after the termination the property ceases to be settled property, and
  • property settled by the gift are read as including cases where the property continues to be settled property after the termination.

The result is that the marriage or civil partnership gift exemption can apply on the termination of an interest in possession only where the termination of the interest is in consideration of marriage or civil partnership, and either

  • (if after the termination the property is no longer settled property) the person becoming entitled to it is a party to the...

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