(1) [deleted]
(2) This section applies where -
(a) on or after the 11th day of February, 1999, a person (in this section referred to as the 'transferor') transfers property to the trustees of a settlement otherwise than under a transaction entered into at arm's length,
(b) the trustees of the settlement are neither resident nor ordinarily resident in the State at the time the property is transferred, and
(c) the transferor knows or has reason to believe, that the trustees are not so resident and ordinarily resident.
(3) Where this section applies, the transferor shall, before the expiry of 3 months beginning with the day on which the transfer is made, deliver to the appropriate inspector a statement which -
(a) identifies the settlement, and
(b) specifies the property transferred, the day on which the transfer was made, and the consideration (if any) for the transfer.
(4) Where a transferor fails -
(a) to make a statement required to be made by the transferor in accordance with subsect
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