Jurisdiction(s):
United Kingdom
United Kingdom
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...
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England and Wales will precedent: spouse’s flexible life interest trust (FLIT) with overriding appointment/advancement powers; residue to children absolutely, with long‑stop gift and extensive administrative provisions
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Precedents
FORTHCOMING CHANGE: Potential changes to Wills Act 1837
The Law Commission’s review of wills concluded with a final report on 16 May 2025, and Volume II contains a draft Bill proposing a replacement for the Wills Act 1837. For further details of these proposals, together with the published draft legislation, refer to Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: draft Bill for a new Wills Act
STOP PRESS: Abolition of the non-dom regime and the introduction of a residence-based IHT regime. The Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, enacts the removal of the remittance basis of taxation and replaces it with a residence-based system, taking effect from 6 April 2025. FA 2025 also substitutes domicile as the principal factor for establishing liability to inheritance tax. Other reforms include amendments to the rules defining excluded property status, the ending of protected settlements status for offshore trusts, and revisions to overseas workday relief. For information on these changes, see 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)...
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Web page updated on 22/05/2026
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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
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 ]...
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