53 Exceptions from charge under section 52.U.K.
(1)Tax shall not be chargeable under section 52 above if the settled property is excluded property.
(2)Tax shall not be chargeable under section 52 above (except in the case mentioned in subsection (4)(b) of that section) if the person whose interest in the property comes to an end becomes on the same occasion beneficially entitled to the property or to another interest in possession in the property.
(3)Tax shall not be chargeable under section 52 above if the interest comes to an end during the settlor’s life and on the same occasion the property in which the interest subsisted reverts to the settlor.
(4)Tax shall not be chargeable under section 52 above if on the occasion when the interest comes to an end—
(a)the settlor’s spouse, or
(b)where the settlor has died less than two years earlier, the settlor’s widow or widower,
becomes beneficially entitled to the settled property and is domiciled in the United Kingdom.
(5)Subsections (3) and (4) above shall not apply in any case where—
(a)the settlor or the spouse (or in a case within subsection (4)(b), the widow or widower) of the settlor had acquired a reversionary interest in the property for a consideration in money or money’s worth, or
(b)their application depends upon a reversionary interest having been transferred into a settlement on or after 10th March 1981.
(6)For the purposes of subsection (5) above a person shall be treated as acquiring an interest for a consideration in money or money’s worth if he becomes entitled to it as a result of transactions which include a disposition for such consideration (whether to him or another) of that interest or of other property.
(7)Where the acquisition of the interest was before 12th April 1978, subsection (5)(a) above shall have effect, so far as it relates to subsection (3) above, with the omission of the reference to the spouse of the settlor.
(8)Subsection (6) above shall not apply where the person concerned became entitled to the interest before 12th April 1978.