166Gifts to non-residents
(1)Section 165(4) shall not apply where the transferee is neither resident nor ordinarily resident in the United Kingdom.
(2)Section 165(4) shall not apply where the transferee is an individual or a company if that individual or company—
(a)though resident or ordinarily resident in the United Kingdom, is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and
(b)by virtue of the arrangements would not be liable in the United Kingdom to tax on a gain arising on a disposal of the asset occurring immediately after its acquisition.