Statement of Practice D10
Published 31 March 1978
© Crown copyright 1978
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1. Where an interest in possession in part of settled property terminates and the part can properly be identified with 1 or more specific assets, the Commissioners for HM Revenue and Customs (HMRC) will accept that the deemed disposals and reacquisitions under TCGA 1992 ss 71, 72 apply to those specific assets, and not to any part of the other assets comprised in the settled property. Corresponding treatment will apply where, within a reasonable period (normally 3 months) immediately following the termination, specific assets are appropriated by the trustees to give effect to the termination. In either case, the treatment must be consistent with that adopted for Inheritance Tax purposes.
2. In particular, inspectors will be prepared to agree with the trustees lists of assets properly identifiable with the termination of an interest in possession, and any such agreement will be regarded as binding on HMRC and the trustees.
3. This practice applies on any act or event which terminates an interest in possession whether voluntarily or involuntarily.
Note
The text of this statement is as it appears in IR 131 (August 2003).