Having ascertained that the later transfer is one upon which relief is available, the next step is to calculate the amount upon which relief is given. Relief will then be the appropriate percentage of this amount.

The Inheritance Tax Act 1984, s. 141(3) provides that relief is given on:

‘… so much of the value transferred by the first transfer as is attributable to the increase [in the value of the second transferor's estate]…’

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