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HMRC internal manual

Inheritance Tax Manual

Ownership: The meaning of ownership

Ownership is considered to mean

  • in the case of property subject to relevant property trusts, (IHTM42165) legal ownership by the trustees
  • in all other cases, beneficial entitlement (IHTM04031) which includes entitlement to settled property in which the deceased/transferor had a beneficial interest in possession. (IHTM16062)

In view of IHTA84/S91, where an unadministered residuary estate includes agricultural property, a residuary beneficiary is treated as owning the agricultural property, or an appropriate share of it. (IHTM22022)