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HMRC internal manual

Capital Gains Manual

Interests in possession: meaning

For deaths before 6 April 1996, the legislation in TCGA92/S72 - TCGA92/S74 only applied to`LIFE INTERESTS’ in possession, and not to all interests in possession. See howeverCG36370+ for the concessional extension of the legislation to interests in possessionwhich are not life interests. In Scotland the equivalent expression is `LIFERENT’ and theinstructions which follow apply equally to Scottish liferents, with the exception of`PROPER LIFERENTS’, for which see CG31300+.