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11(1)In section 33 (amount of the charge in relation to conditionally exempt transfers) in subsection (1)(b)—U.K.
(a)in sub-paragraph (i) for the words “under the second Table in Schedule 1 to this Act” there shall be substituted “ in accordance with section 7(2) above ”; and
(b)in sub-paragraph (ii) for the words “under the appropriate Table” there shall be substituted “ in accordance with the appropriate provision of section 7 above ”.
(2)For subsection (2) of that section there shall be substituted the following subsections—
“(2)For the purposes of subsection (1)(b)(ii) above the appropriate provision of section 7 above is—
(a)if the conditionally exempt transfer by the relevant person made on eath (but the property was not treated as forming part of his estate immediately before his death only by virtue of section 102(3) of the Finance Act 1986) subsection (1) of section 7; and
(b)in any other case, subsection (2) of section 7.
(2A)The rate or rates of tax determined under subsection (1)(b)(i) above in respect of any charegable event shall not be affected by the death of the relevant person after that event.”.
(3)In subsection (7) of that section at the beginning there shall be inserted the words “ Subject to subsection (8) below ”.
(4)After that subsection there shall be added the following subsection—
“(8)Where after a conditionally exempt trnafer of any property there is a potentially exempt transfer the value transferred by which is w h olly or partly attributable to that property and either—
(a)the potentially exempt transfer is a chargeable event with respect to the property, or
(b)after the potentially exempt transfer, but before the death of the person who is the transferor in relation to the potentially exempt transfer, a chargeable event occurs with respect to the property,
the tax charged in accordance with this section by reference to that chargeable event shall be allowed as a credit against any tax which may become chargeable, by reason of the potentially exempt transfer proving to be a chargeable transfer, on so much of the value transferred by that transfer as is attributable to the property; and subsection (7) above shall not apply with respect to any tax so becoming chargeable.”
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