1016. Exceptions from charge on termination.

Tax is not chargeable on the termination of an interest in possession1:

  1.  

    (1)     if the settled property is excluded property2;

  2.  

    (2)     if:

    1.  

      (a)     the person whose interest comes to an end became beneficially entitled to the interest before 22 March 2006;

    2.  

      (b)     the interest comes to an end on or after that day; and

    3.  

      (c)     immediately before the interest comes to an end the provisions relating to trusts for bereaved minors3 or age 18–25 trusts4 applies to the property in which the interest subsists5;

  3.  

    (3)     if the person whose interest in the property comes to an end becomes on