Finance Act 1975

14 (1) In this Part of this Schedule—

• " the appropriate person ", in relation to any qualifying investments comprised in a person's estate immediately before his death, means the person liable for tax attributable to the value of those investments or, if there is more than one such person, and one of them is in fact paying the tax, that person;

• " the loss on sale " means the amount determined in accordance with paragraph 15 below ;

• " qualifying investments " means shares or securities which at the date of the death in question are quoted on a recognised stock exchange, holdings in a unit trust which at that date is an authorised unit trust (as denned in section 358 of the Taxes Act) and shares in any common investment fund established under section 1 of the [1965 c. 2.] Administration of Justice Act 1965 ;

• " relevant proportion ", in relation to the investments to which a claim relates, or any of them, means the proportion by which the loss on sale is reduced under paragraph 17 below;

• " sale value ", in relation to any qualifying investments, means their value for the purposes of paragraph 15(b) below ;

• " value on death ", in relation to any qualifying investments, means their value for the purposes of paragraph 15(a) below.

(2) Any reference in this Part of this Schedule to the investments to which a claim relates is a reference to all the qualifying investments which, on the making of the claim, are taken into account under paragraph 15 below in determining the loss on sale.