In this Act "reversionary interest" means a future interest under a settlement, whether it is vested or contingent (including an interest expectant on the termination of an interest in possession which, by virtue of section 50 below, is treated as subsisting in part of any property) and in relation to Scotland includes an interest in the fee of property subject to a proper liferent.
Section 47: Reversionary interest.
Inheritance Tax Act 1984 · 1984 c. 51View on legislation.gov.uk
Part III: SETTLED PROPERTY — CHAPTER I: PRELIMINARY
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