IHTM23192 - Special valuation matters: occupation of settled property amounting to a lease for life

The circumstances in which occupation might amount to a lease for life are considered in detail in the section on settled property (IHTM16191). However, there can be no question of such a subsidiary settlement if

• the lease is at a rack rent, or
• terminable at any time at the will of the trustees

Any cases where a reference to the VOA (IHTM23002) is required should be referred to TG (IHTM01080) in the first instance.