31(1)Section 260 (gifts on which inheritance tax is chargeable etc) is amended as follows.
(2)In subsection (1), for “and 261” substitute “, 261 and 261ZA”.
(3)After subsection (6) insert—
“(6ZA)Subsections (6ZB) and (6ZC) apply in any case where—
(a)the disposal is a non-resident CGT disposal, and
(b)the transferee is resident in the United Kingdom.
(6ZB)Subsections (3) and (4) have effect in relation to the disposal as if the reference to “chargeable gain” were a reference to “chargeable NRCGT gain”.
(6ZC)Subsection (5) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to “the chargeable NRCGT gain which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.”