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Relief in respect of quick succession where property consists of land or a business.
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15. Where the Commissioners of Inland Revenue are satisfied that estate duty has become payable on any property consisting of land or a business (not being a business carried on by a company), or any interest in land or such a business, passing upon the death of any person, and that subsequently within five years estate duty has again become payable on the same property or any part thereof passing on the death of the person to whom the property passed on the first death, the amount of estate duty payable on the second death (if that death occurs after the passing of this Act) in respect of the property so passing shall be reduced as follows :—
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Where the second death occurs within one year of the first death, by fifty per cent. ;
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Where the second death occurs within two years of the first death, by forty per cent. ;
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Where the second death occurs within three years of the first death, by thirty per cent. ;
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Where the second death occurs within four years of the first death, by twenty per cent. ;
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Where the second death occurs within five years of the first death, by ten per cent. :
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Provided that where the value, on which the duty is payable, of the property on the second death exceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated.
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