985. Consequences of a gift being subject to a reservation.

If, immediately before the death of the donor, there is any property which, in relation to him, is property subject to a reservation1 then, to the extent that the property would not, apart from provisions relating to gifts with reservation2, form part of the donor's estate immediately before his death3, that property is treated for inheritance tax purposes as property to which he was beneficially entitled immediately before his death