Section 71G | Calculation of tax charged under section 71E in all other cases ^F1

(1)Where—^F1

(a)tax is charged under section 71E above, and^F1

(b)the tax does not fall to be calculated in accordance with section 71F above,^F1

the tax is calculated in accordance with this section.

(2)The amount on which the tax is charged is—^F1

(a)the amount by which the value of property which is comprised in the settlement and to which section 71D above applies is less immediately after the event giving rise to the charge than it would be but for the event, or^F1

(b)where the tax is payable out of settled property to which section 71D above applies immediately after the event, the amount which, after deducting the tax, is equal to the amount on which tax would be charged by virtue of paragraph (a) above.^F1

(3)The rate at which the tax is charged is the rate that would be given by subsections (6) to (8) of section 70 above—^F1

(a)if the reference to section 70 above in subsection (8)(a) of that section were a reference to section 71D above,^F1

(b)if the other references in those subsections to section 70 above were references to section 71E above, and^F1

(c)if, for the purposes of section 70(8) above, property—^F1

(i)which is property to which section 71D above applies,^F1

(ii)which, immediately before it became property to which section 71D above applies, was property to which section 71 applied, and^F1

(iii)which ceased on that occasion to be property to which section 71 above applied without ceasing to be settled property,^F1

had become property to which section 71D above applies not on that occasion but on the occasion (or last occasion) before then when it became property to which section 71 above applied.