Subsections (2) to (7) apply if—
and in those subsections "NV/100" means N% of so much (if any) of the value transferred by the transfer of value under section 4 on the person's death as is attributable to the interest.
Where—
the person's residence nil-rate amount is equal to NV/100 and an amount, equal to the difference between NV/100 and the person's default allowance, is available for carry-forward.
Where—
the person's residence nil-rate amount is equal to the person's default allowance (and no amount is available for carry-forward).
Where—
the person's residence nil-rate amount is equal to NV/100 and an amount, equal to the difference between NV/100 and the person's adjusted allowance, is available for carry-forward.
Where—
the person's residence nil-rate amount is equal to the person's adjusted allowance (and no amount is available for carry-forward).
Subsections (2) to (5) have effect subject to subsection (7) and sections 8FC and 8M(2B) to (2E).
Where the person's residence nil-rate amount as calculated under subsections (2) to (5) without applying this subsection is greater than VT—
See also—
section 8FC (modifications of this section where there is entitlement to a downsizing addition),
section 8H (meaning of "qualifying residential interest" , "qualifying former residential interest" and "residential property interest"),
section 8J (meaning of "inherit"),
section 8K (meaning of "closely inherited"), and
section 8M (cases involving conditional exemption).