1086. Transfers on death.

The persons liable for inheritance tax on the value transferred by a chargeable transfer made on the death of any person1 are:

  1.  

    (1)     so far as the tax is attributable to the value of any property2 which either was not immediately before the death comprised in a settlement3, or was so comprised and consists of land4 in the United Kingdom which devolves upon or vests in the deceased's personal representatives5, the deceased's personal representatives6;

  2.  

    (2)     so far as the tax is attributable to the value of property which, immediately before the death, was comprised in a settlement, the trustees