7U.K.For section 35 (2) (a) and (b) of that Act there shall be substituted—
“(a)if there has been no conditionally exempt transfer of the property on death, tax shall be chargeable either—
(i)under section 32 or 32A above (as the case may be), or
(ii)under Schedule 5 to this Act,
as the Board may elect;
(b)if there has been such a conditionally exempt transfer, tax shall be chargeable under section 32 or 32A above (as the case may be) and not under that Schedule.”