5(1)Where the person beneficially entitled to the rights conferred by any of the following, namely—
(a)war savings certificates;
(b)national savings certificates (including Ulster savings certificates) ;
(c)premium savings bonds ;
(d)deposits with the National Savings Bank or with a trustee savings bank;
(e)deposits with a savings bank with respect to which a certificate of the Treasury under section 414 of the Taxes Act is in force;
(f)any certified contractual savings scheme within the meaning of section 415 of the Taxes Act;
is domiciled in the Channel Islands or the Isle of Man the rights are excluded property.
(2)Section 45 of this Act does not apply for the purposes of this paragraph.