Where tax has become chargeable under section 32 or 32A above by reference to a chargeable event in respect of any property ("the relevant event") the rate or rates of tax applicable to any subsequent chargeable transfer made by the person who made the last conditionally exempt transfer of the property before the relevant event shall be determined as if the amount on which tax has become chargeable as aforesaid were value transferred by a chargeable transfer made by him at the time of the relevant event.
Where the person who made the last conditionally exempt transfer of the property before the relevant event—
section 33(1)(b)(ii) shall have effect as if the value transferred on his death were increased by the amount on which tax has become chargeable on the occasion of the relevant event.
If—
subsections (1) and (2) above shall have effect with the substitution for references to the person who made the last conditionally exempt transfer before the relevant event of a reference to any such person as is mentioned in paragraph (c) above.
The conditionally exempt transfers to be taken into account for the purposes of subsection (3)(c) above in relation to the relevant event do not include transfers made before any previous chargeable event in respect of the same property or before any event which apart from section 32(4) or (4A) above would have been such a chargeable event or, where the property has been disposed of as mentioned in section 32A(5) or (5A) above, before any event which apart from section 32A(5) or (5A) would have been such a chargeable event.