102 Gifts with reservation
Finance Act 1986 (1986 c 41) | Legislation

102  Gifts with reservation

(1)     Subject to subsections (5) and (6) below, this section applies where, on or after 18th March 1986, an individual disposes of any property by way of gift and either—

(a)     possession and enjoyment of the property is not bona fide assumed by the donee at or before the beginning of the relevant period; or

(b)     at any time in the relevant period the property is not enjoyed to the entire exclusion, or virtually to the entire exclusion, of the donor and of any benefit to him by contract or otherwise;

and in this section “the relevant period” means a period ending on the date of the donor's death and beginning seven years before that date or, if it is later, on the date of the gift.

(2)     If and so long as—

(a)     possession and enjoyment of any property is not bona fide assumed as mentioned in subsection (1)(a) above, or

(b)     any property is not enjoyed as mentioned in subsection (1)(b) above,

the property is referred to (in relation to the gift and the donor) as property subject to a reservation.

(3)     If, immediately before the death of the donor, there is any

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