Subsection (2) below applies where property comprised in a person's estate immediately before his death is settled by his will and, within the period of two years after his death and before any interest in possession has subsisted in the property, there occurs—
Where the testator dies on or after 22nd March 2006, subsection (1) above shall have effect as if the reference to any interest in possession were a reference to any interest in possession that is—
Where this subsection applies by virtue of an event within paragraph (a) of subsection (1) above, tax shall not be charged under the provision in question on that event; and in every case in which this subsection applies in relation to an event, this Act shall have effect as if the will had provided that on the testator's death the property should be held as it is held after the event.
Subsection (4) below applies where—
Where this subsection applies by virtue of an event—
Subsection (4) above also applies where—
that involves causing the property to be held on trusts within subsection (6) below,
Trusts are within this subsection if they would, had they in fact been established by the testator's will and had the testator died at the time of the event mentioned in subsection (5)(c) above, have resulted in—