1115. Election to pay tax by instalments.

Where any of the tax payable on the value transferred by a chargeable transfer is attributable to the value of qualifying property1 and:

  1.  

    (1)     the transfer is made on death2;

  2.  

    (2)     the tax so attributable is borne by the person benefiting from the transfer3; or

  3.  

    (3)     the transfer is made under the provisions relating to settlements4 and the property concerned continues to be comprised in the settlement5,

the tax so attributable may, if the person paying it by notice in writing to the Commissioners for Her Majesty's Revenue and Customs so elects, be paid by ten equal yearly instalments6.

The first