Where the value of the person's estate was increased by a chargeable transfer1 ('the first transfer') made not more than five years before:
(1) his death2; or
(2) a chargeable transfer ('the later transfer') made by him after 9 March 19813 otherwise than on his death and as to which specified conditions4 are satisfied5,
the tax chargeable on the value transferred by the transfer made on death or the later transfer is reduced by a prescribed amount6.
The prescribed amount is a percentage of the tax charged on so much of the value transferred by the first transfer as is attributable
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