Melville & Ors v Inland Revenue [2001] EWCA Civ 1247 (31 July 2001)

Melville & Ors v Inland Revenue [2001] EWCA Civ 1247 (31 July 2001)

A general power of appointment over settled property is a valuable right or interest and falls within the statutory definition of 'property' for the purposes of inheritance tax under the Inheritance Tax Act 1984. The statutory context does not require a narrower interpretation, and the value of such a power must be included in the estate of the holder.

Citation
[2001] EWCA Civ 1247
Parties
Respondents: Melville and Others; Appellants: Commissioners of Inland Revenue
Jurisdiction
England and Wales
Judgment Date
31 July 2001
Procedural Posture
Appeal From High Court (chancery Division, Revenue List) / Court of Appeal Judgment
Outcome
Appeal dismissed
Legal Topics
Inheritance Tax, General Power of Appointment, Settled Property, Statutory Interpretation
Tax Law Trusts and Estates Inheritance Tax General Power of Appointment Settled Property Statutory Interpretation

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Parties

Melville and Others

Respondents

Commissioners of Inland Revenue

Appellants

Procedural Posture

Appeal From High Court (chancery Division, Revenue List) / Court of Appeal Judgment

Legal Issues

  1. 1 Whether a general power of appointment over settled property constitutes 'property' forming part of the estate of the holder for inheritance tax purposes under the Inheritance Tax Act 1984.

Ratio Decidendi

A general power of appointment over settled property is a valuable right or interest and falls within the statutory definition of 'property' for the purposes of inheritance tax under the Inheritance Tax Act 1984. The statutory context does not require a narrower interpretation, and the value of such a power must be included in the estate of the holder.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed with costs subject to detailed assessment if not agreed.