1038. Excluded property.

A reversionary interest1 is excluded property2 unless:

  1.  

    (1)     it has at any time been acquired (whether by the person entitled to it or by a person previously entitled to it) for a consideration in money or money's worth3;

  2.  

    (2)     it is one to which either the settlor4 or his spouse or civil partner is or has been beneficially entitled5