8(1)This paragraph applies where paragraph 7 above does not apply.
(2)The rate or rates chargeable shall be the rate or rates that would be applicable if the assumed transferor—
(a)had made previous chargeable transfers in any case where there had been previous distribution payments made on or after 27th March 1974 out of the settled property ; but
(b)had made no previous chargeable transfers in any other case ;
and, where paragraph (a) above applies, the aggregate of the values transferred by the previous chargeable transfers were equal to the aggregate amounts of the previous distribution payments mentioned therein.