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The exemption for transfers between spouses (see I4.225 onwards) does not apply where the disposition by which property is given either:

1. Ìý

   (a)ÌýÌýÌýÌý depends on a condition which is not satisfied within 12 months after the transfer¹

2. Ìý

   (b)ÌýÌýÌýÌý 'takes effect' on the termination of any interest or period (unless such termination precedes the transfer). A condition, however, that the transferee should survive the transfer for a specified period does not exclude the gift from the exemption² although if that period exceeds 12 months the exemption would be excluded under (a) above. The expression 'takes effect' is not defined but, in HMRC's view, it means 'takes effect in possession'³

3. Ìý

   (c)ÌýÌýÌýÌý where the spouse becomes entitled to settled property following the purchase of a reversionary interest under the settlement⁴, or

4. Ìý

   (d)ÌýÌýÌýÌý where the disposal of property is made after 9 March 1981 in consideration of the transfer of a reversionary