1033. Trusts for bereaved minors.

Subject to a number of conditions, where settled property1 is held for the benefit of a bereaved minor2 either:

  1.  

    (1)     on statutory trusts3; or

  2.  

    (2)     on trusts established under:

    1.  

      (a)     the will of a deceased parent of the bereaved minor4;

    2.  

      (b)     the Criminal Injuries Compensation Scheme; or

    3.  

      (c)     the Victims of Overseas Terrorism Compensation Scheme5,

a charge to inheritance tax arises if that property ceases to be so held6, and in a case where this7 does not apply, where the trustees make a disposition as a result of which the value of the property so held is less than it