(1) Where an interest in residential property has been taken by a donee as a gift from a disponer, then that interest shall not, except to the extent of any money or money's worth paid by that donee for that gift, be relevant residential property of that donee on the relevant valuation date if it would not have been relevant residential property of that disponer, by virtue of section 8(1), had that disponer been still beneficially entitled in possession to that interest on that date.