(1) Property situated outside the United Kingdom is excluded property if the person beneficially entitled to it is an individual domiciled outside the United Kingdom.

(1A) A holding in an authorised unit trust and a share in an open-ended investment company is excluded property if the person beneficially entitled to it is an individual domiciled outside the United Kingdom.

(1B) A decoration or other award is excluded property if—

(a) it was awarded for valour or gallant conduct, and

(b) it has never been the subject of a disposition for a consideration in money or money’s worth.

(1C) In subsection (1B) the reference to a disposition of the decoration or other award includes—

(a) a reference to a disposition of part of it, and

(b) a reference to a disposition of an interest in it (or in part of it).

(2) Where securities have been issued by the treasury subject to a condition authorised by section 22 of the Finance (No. 2) Act 1931 (or section 47 of the Finance (No. 2) Act 1915) for exemption from taxation so long as the securities are in the beneficial ownership of persons [of a description specified in the condition]¹, the securities are excluded property if they are in the beneficial ownership of such a person.

(3) Where the person beneficially entitled to the rights conferred by any of the following, namely—

(a) war savings certificates;

(b) national savings certificates (including Ulster savings certificates);

(c) premium savings bonds;

(d) deposits with the National Savings Bank or with a trustee savings bank;

(e) a [certified SAYE savings arrangement]¹ within the meaning of [section 703(1) of the Income Tax (Trading and Other Income) Act 2005]²;

is domiciled in the Channel Islands or the Isle of Man, the rights are excluded property.

(4) Property to which this subsection applies by virtue of section 155(1) below is excluded property.