72 Termination of life interest on death of person entitled
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

72  Termination of life interest on death of person entitled

(1)     On the termination, on the death of the person entitled to it, of [an] interest in possession in all or any part of settled property—

(a)     the whole or a corresponding part of each of the assets forming part of the settled property and not ceasing at that time to be settled property shall be deemed for the purposes of this Act at that time to be disposed of and immediately reacquired by the trustee for a consideration equal to the whole or a corresponding part of the market value of the asset; but

(b)     no chargeable gain shall accrue on that disposal.

For the purposes of this subsection [an] interest which is a right to part of the income of settled property shall be treated as [an] interest in a corresponding part of the settled property.

[(1A)     Where the interest in possession mentioned in subsection (1) above is one to which the person becomes entitled

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