Gift with reservation and transfer of settled property

I have a client who settled assets into Trust and is a beneficiary of the Trust, so is happy that the Gift with Reservation rules apply.

If the Trustees were to settle one asset (residential property) onto a new Trust where the original settlor cannot benefit, we are happy that this creates a disposal for CGT, but is it effective for ceasing the GWR? I think it does by tracing through the rules in FA 1986 and that s81 IHTA only applies for the purposes of applying the IHT TYA and exit charges, but would be happier if I could find something that says in as many words that putting one asset into a new settlement where the original settlor is excluded means that the GWR ceases.

Has anyone seen this in commentary on the topic?

Many thanks!

Thomas Barker
Charter Tax