Section 69 | Rate between ten-year anniversaries.
From legislation.gov.uk
(1)Subject to subsection (2A) below, the rate at which tax is charged under section 65 above on an occasion following one or more ten-year anniversaries after the settlement’s commencement shall be the appropriate fraction of the rate at which it would have been last charged under section 64 if the following were disregarded—F1F2
(a)section 66(2) (reduction of rate where value attributable to property that is not comprised in the settlement or is not relevant property), andF2
(b)Chapters 1 to 2A of Part 5 (business property relief and agricultural property relief).F2
(2)Subsection (2A) below applies—F3
(a)if, at any time in the period beginning with the most recent ten-year anniversary and ending immediately before the occasion of the charge under section 65 above (the “relevant period”), property has become comprised in the settlement which was relevant property immediately after it became so comprised, orF3
(b)if—F3
(i)at any time in the relevant period, property has become comprised in the settlement which was not relevant property immediately after it became so comprised, andF3
(ii)at a later time in the relevant period, that property has become relevant property, orF3
(c)if property which was comprised in the settlement immediately before the relevant period, but was not then relevant property, has at any time during the relevant period become relevant property.F3
(2A)Whether or not all of the property within any of paragraphs (a) to (c) of subsection (2) above has remained relevant property comprised in the settlement, the rate at which tax is charged under section 65 is to be the appropriate fraction of the rate at which it would last have been charged under section 64 , disregarding section 66(2) and Chapters 1 to 2A of Part 5, if—F3F4
(a)immediately before the most recent ten-year anniversary, all of that property had been relevant property comprised in the settlement with a value determined in accordance with subsection (3) below, andF3
(b)any same-day addition made on or after the most recent ten-year anniversary had been made immediately before that anniversary.F3
(3)In the case of property within subsection (2)(a) above ...the value to be attributed to it for the purposes of subsection (2A) above is its value immediately after it became comprised in the settlement; and in any other case the value to be so attributed is the value of the property when it became (or last became) relevant property.F5F6
(4)For the purposes of this section the appropriate fraction is so many fortieths as there are complete successive quarters in the period beginning with the most recent ten-year anniversary and ending with the day before the occasion of the charge; but subsection (3) of section 68 above shall have effect for the purposes of this subsection as it has effect for the purposes of subsection (2) of that section.