If there is a transfer of property1 from the trustees of one settlement2 ('settlement 1') to the trustees of another settlement ('settlement 2') not for full consideration and not by way of a bargain made at arm's length, the settlor (or each settlor) of the property so transferred is treated from the time of the disposal as having made settlement 2, and if there is more than one such settlor, each is treated in relation to settlement 2 as the settlor of a proportionate part of the transferred property3.
If a disposition of property following a person's death is varied
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