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Exemption where disposition was made by the donee or successor.
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59.—(1) Tax shall not be chargeable upon a gift or an inheritance taken by the donee or successor under a disposition made by himself.
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(2) Where, at the date of the gift, two companies are associated in the manner described in subsection (3), a gift taken by one of them under a disposition made by the other shall be deemed to be a gift to which subsection (1) applies.
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(3) For the purposes of subsection (2), two companies shall be regarded as associated if—
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(a) one company would be beneficially entitled to not less than 90 per cent. of any assets of the other company available for distribution to the owners of its shares and entitlements of the kind referred to in section 34 (1) on a winding up; or
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(b) a third company would be beneficially entitled to not less than 90 per cent. of any assets of each of them available as in paragraph (a).
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(4) In this section, “company” means a body corporate (wherever incorporated), other than a private company within the meaning of section 16 (2).
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