(1) If -

(a)

(i) a benefit under a will or an intestacy, or

(ii) an entitlement to an interest in settled property,

is disclaimed;

(b) a claim -

(i) under a purported will in respect of which a grant of representation (within the meaning of the Succession Act 1965) was not issued, or

(ii) under an alleged intestacy where a will exists in respect of which such a grant was issued,

is waived; or

(c) a right under Part IX of the Succession Act 1965, or any analogous right under the law of another territory, is renounced, disclaimed, elected against or lapses,

any liability to tax in respect of such benefit, entitlement, claim or right shall cease as if such benefit, entitlement, claim or right, as the case may be, had not existed.

(2) Notwithstanding anything contained in this Act -

(a) a disclaimer of a benefit under a will or intestacy or of an entitlement to an interest in settled property;

(b) the waiver of a claim -