If the property is disposed of, whether by sale or gift or otherwise, the disposal is, subject to certain exceptions which follow, a chargeable event with respect to the property and the person liable for the tax is the person for whose benefit the property is disposed of.
A lifetime disposal is not a chargeable event:
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(a)ÌýÌýÌýÌý when the conditionally exempt property is given or sold by private treaty to an exempt body (museum, university, art gallery, etc) within IHTA 1984, Sch 3; See I4.218
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(b)ÌýÌýÌýÌý when it is accepted by the
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