Section 125 | The relief.

(1)This section applies where—

(a)part of the value of a person’s estate immediately before his death is attributable to the value of land in the United Kingdom ... on which trees or underwood are growing but which is not agricultural property within the meaning of Chapter II of this Part of this Act, and^F1F2

(b)either he was beneficially entitled to the land throughout the five years immediately preceding his death, or he became beneficially entitled to it otherwise than for a consideration in money or money’s worth.

(1A)Repealed^F3

(2)Where this section applies and the person liable for the whole or part of the tax so elects—

(a)the value of the trees or underwood shall be left out of account in determining the value transferred on the death, but

(b)tax shall be charged in the circumstances mentioned in section 126 below.

(3)An election under this section must be made by notice in writing to the Board within two years of the death or such longer time as the Board may allow.