PART IIISettled Property
CHAPTER IIInterests in Possession and Reversionary Interests
54Exceptions from charge on death
1
Where a person is entitled to an interest in possession in settled property which on his death, but during the settlor's life, reverts to the settlor, the value of the settled property shall be left out of account in determining for the purposes of this Act the value of the deceased's estate immediately before his death.
2
Where on the death of a person entitled to an interest in possession in settled property—
a
the settlor's spouse, or
b
if 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, the value of the settled property shall be left out of account in determining for the purposes of this Act the value of the deceased's estate immediately before his death.
3
Subsections (5) and (6) of section 53 above shall apply in relation to subsections (1) and (2) above as they apply in relation to section 53(3) and (4).
4
For the purposes of this section, where it cannot be known which of two or more persons who have died survived the other or others they shall be assumed to have died at the same instant.