5U.K.In section 19 (annual exemption), after subsection (3) there shall be inserted the following subsection—
“(3A)A transfer of value which is a potentially exempt transfer—
(a)shall in the first instance be left out of account for the purposes of subsections (1) to (3) above; and
(b)if it proves to be a chargeable transfer, shall for the purposes of those subsections be taken into account as if, in the year in which it was made, it was made later than any transfer of value which was not a potentially exempt transfer.”