Where a disponer bequeaths an asset to a beneficiary for the beneficiary's lifetime only, such a transfer is considered an inheritance for the purposes of capital acquisitions tax – CAT. For example, the transfer of land to an individual for use during his or her lifetime. However, the legislation recognises the fact that such transfers are lifetime interests. Accordingly, in such cases, the value of the asset is reduced for CAT purposes depending on the beneficiary's age at the relevant date, that is, the death of the disponer or the valuation date if later. The value of the life interest is calculated by multiplying the value of the asset by the appropriate factor contained in column 3 or 4 of the following table – appendix 1 – which is appropriate to the age and sex of the person for the duration of whose life the interest is to be valued.