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IHTM23192 | Special valuation matters: occupation of settled property amounting to a lease for life

From HM Revenue & Customs · Inheritance Tax Manual

The circumstances in which occupation might amount to a lease for life are considered in detail in the section on settled property (). However, there can be no question of such a subsidiary settlement if

  • the lease is at a rack rent, or

  • terminable at any time at the will of the trustees

Any cases where a reference to the VOA () is required should be referred to TG (IHTM01080) in the first instance.