IHTM24101 - 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)