A reversionary interest (IHTM16231) to which either the settlor of the underlying property or their spouse or civil partner (IHTM11032) is, or has been, beneficially entitled (IHTM04031) is not excluded property (IHTM04251) under the main provision unless either

the underlying property was settled before 16 April 1976, or

if that property was settled on or after 16 April 1976, the transferor (who is not the settlor or his spouse or civil partner) had acquired the interest before 10 March 1981.

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