Part 2: Inheritance Tax Section 14: Distributions etc. from property settled by will Details of the section
Subsection (1) amends section 144 of the Inheritance Tax Act (IHTA) 1984 to insert a reference to section 65(4) IHTA 1984. The effect of this change will be that where a trust is wound up in whole or part within 3 months of the date of death that appointment of property can be read back into the will. Where the appointment is made in favour of the deceased’s spouse or civil partner, exemption from IHT, under section 18 IHTA (transfers between spouses or civil partners), can apply.
	Subsection (2) provides that the amendment applies to cases where the testator’s death occurs on or after 10 December 2014.