Part 2: Inheritance Tax Section 14: Distributions etc. from property settled by will Summary
This section amends the inheritance tax (IHT) legislation relating to property that is settled by will. It provides that where property is left in trust in which no interest in possession subsists and an appointment of that property is made within 3 months of the date of death, that appointment can be read back into the will, The effect of this is that where an appointment is made to the spouse or civil partner of the testator, exemption from IHT can apply. The amendment applies to cases where the testator’s death occurs on or after 10 December 2014.