PART IV VALUATION OF ASSETS

29 Life interests, reversionary interests etc
The value of any asset consisting of an interest in property which–
(a) is determinable upon the death of any person or upon the happening of some other future event or at some future time or is a remainder, reversionary interest, right of fee subject to a liferent or other future interest, whether vested or contingent, and
(b) is not a lease or a reversionary interest expectant upon the determination of a lease,
shall be the amount which would reasonably be paid by way of consideration for an immediate transfer or assignment thereof.