Structure of the charge: what is general power property?
- on that person’s death, unsettled property which he or she can dispose of by will (Att Gen v Quixley  141 LT 288)
- an absolute interest in property which is given (whether by lifetime transfer or on death) to a person, but which he (or his personal representative) disclaims. The property is included in the person’s estate on the grounds that he had a power enabling him to “dispose of property as he thinks fit”. This is subject to the reliefs in IHTA84/S17 (1), IHTA84/S93 and IHTA84/S142 (This content has been withheld because of exemptions in the Freedom of Information Act 2000) ).
some policies with certain Canadian insurance companies (IHTM20611).There are two special rules for pension schemes which mean that a “general power” as defined in IHTA84/S5 (2) does not apply
- to certain unexercised cash options under approved annuity schemes, (IHTM17000) IHTA84/S152, and
- approved pension schemes (IHTM20000) etc, even though the property concerned may be settled property, IHTA84/S151 (4).