Paragraph 29

Section 32 (conditionally exempt transfers: chargeable events) is amended as follows.

In subsection (3), for “subsections (4) and (5)” substitute “ subsections (4), (4A) and (5) ”.

After subsection (4) insert—

“(4A)

A death or disposal is not a chargeable event with respect to any property if—

(a)

in the case of a death, a person who became beneficially entitled to the property on the death disposes of it in the circumstances described in paragraph 1 of Schedule 14 to the Finance Act 2012 (gifts to the nation) within 3 years of the death, or

(b)

in the case of a disposal, the disposal is made in the circumstances described in paragraph 1 of that Schedule,

and a death or disposal of the property after such a disposal as is mentioned in paragraph (a) or (b) is not a chargeable event with respect to the property unless there has again been a conditionally exempt transfer of it after that disposal.”