Part 2: Inheritance Tax Section 13: Settlements with initial interest in possession Details of the section
Subsection (1) provides for "an interest in possession" to be substituted by "a qualifying interest in possession".
	Subsection (2) provides for the amendments to come into force on the day after the date of Royal Assent to Finance (No.2) Act 2015, subject to the saving provisions in subsections (3) to (7).
	Subsections (3) to (6) set out the conditions for the saving provision to apply. The effect of the saving provisions is that the commencement of the relevant property trust is aligned with the ending of the interest in possession, rather than commencing on the change being made to the legislation.
	Subsection (7) defines the "relevant period" and confirms that references to spouse or civil partner of a settlor include references to the widow or widower or surviving civil partners of the settlor.