Where a person with an interest in possession in settled property dies, tax is charged as if, immediately before his death, he had made a transfer of value and the value transferred by it had been equal to the value of his estate immediately before his death1.
Where a person is entitled to an interest in possession in settled property which on his death, but during the settlor's2 life, reverts to the settlor, the value of the settled property is left out of account in determining the value of the deceased's estate immediately before his death3.
Where on the death of
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