991. Interest reverting to settlor, his spouse or widow.

Where a person is entitled to an interest in possession1 in settled property2 before 22 March 20063 and on his death, but during the settlor's4 life, the settled property reverts to the settlor, then its value is left out of account in determining the value of the deceased's estate5 immediately before his death6. Where a person became beneficially entitled to the interest in possession on or after 22 March 2006, then this exemption only applies if the interest in possession is a disabled person's interest7 or a transitional serial interest8.

Where on the death of a person entitled to an