The relief consists of the amount by which the total sale proceeds of ‘qualifying investments’ sold within one year after death is less than the value of those investments at the date of death. More precisely, it is necessary to determine (IHTA 1984, s. 179):

(1)the aggregate of the values for tax purposes of all the qualifying investments comprised in a person's estate immediately before death, which are sold by ‘the appropriate person’ within the period of 12 months from the date of death; and

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