Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Life interest definition

What does Life interest mean? In practice, a life interest (often under a life interest trust) is a beneficiary’s right to receive trust income and/or to use or occupy trust property for their lifetime, without any right to the capital, which is preserved for remaindermen. Often termed an interest in possession, it is a descriptive trust law concept rather than a statutory definition, though UK inheritance tax legislation (for example, the Inheritance Tax Act 1984 on interests in possession and immediate post-death interests) and Irish Capital Acquisitions Tax legislation use it to determine tax treatment. Life interests are typically created by will trusts or...

Precedent will: spouse outright gift; children on flexible life interest trust with overriding powers (England and Wales)

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Precedents

FORTHCOMING CHANGE: Potential changes to Wills Act 1837

The Law Commission’s review of wills issued its final report on 16 May 2025, with Volume II containing a draft bill to replace the Wills Act 1837. For details of these proposals, including the published draft legislation, see Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: draft Bill for a new Wills Act.

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime

The Finance Act 2025 (FA 2025), which obtained Royal Assent on 20 March 2025, legislates for the abolition of the remittance basis and brings in a residence-based regime from 6 April 2025. FA 2025 also removes domicile as the primary basis for establishing inheritance tax liability. Other reforms include:

Amendments to the rules determining excluded property status
Abolition of protected settlements status for offshore trusts
Changes to overseas workday relief

For information on these reforms, see the Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025...

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Web page updated on 22/05/2026

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I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...