Section 54

(1) Where a person disposes by way of a gift, an asset acquired by Gifts
him by way of a gift or any other form of gift, not being an acquisition on a
devolution on death, the gains accruing from the disposal shall not be chargeable
gains.
(2) For the purpose of this section and section 36 (2) of this Act, an asset
is acquired or disposed of by way of gift where no consideration is paid or
received for the acquisition or disposal.