C2C1PART V INHERITANCE TAX
Pt. V modified (with effect in accordance with s. 84(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 15 para. 21(2)(b)(i)
F1102B Gifts with reservation: share of interest in land.
1
This section applies where an individual disposes, by way of gift on or after 9th March 1999, of an undivided share of an interest in land.
2
At any time in the relevant period, except when subsection (3) or (4) below applies—
a
the share disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and
b
section 102(3) and (4) above shall apply.
3
This subsection applies when the donor—
a
does not occupy the land; or
b
occupies the land to the exclusion of the donee for full consideration in money or money’s worth.
4
This subsection applies when—
a
the donor and the donee occupy the land; and
b
the donor does not receive any benefit, other than a negligible one, which is provided by or at the expense of the donee for some reason connected with the gift.
Pt. V modified (with effect in accordance with s. 84(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 15 para. 22(2)(b)(i)