Where a settlor1 is liable for inheritance tax in respect of a chargeable transfer2 under the settled property provisions3, his liability is limited or excluded in three cases:
(1) where the chargeable transfer is made within seven years of the transferor's death but is not a potentially exempt transfer4, the settlor is not liable for so much of the tax as exceeds what it would have been had the transferor died more than seven years after the transfer5;
(2) the settlor is not liable in relation to a settlement made before 11 December 1974 if the trustees were resident
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