11(1)This paragraph applies where tax is chargeable under paragraph 8 above and—U.K.
(a)the property in respect of which the tax is chargeable was relevant property before it became (or last became) property to which that paragraph applies, and
(b)by virtue of paragraph 16(1) or 17(1) below tax was not chargeable (or, but for paragraph 16(2) or 17(4), would not have been chargeable) under section 65 of this Act in respect of its ceasing to be relevant property on or before becoming (or last becoming) property to which paragraph 8 above applies.
(2)Where this paragraph applies, the rate at which the tax is charged shall be the aggregate of the following percentages—
(a)0.25 per cent. for each of the first forty complete successive quarters in the relevant period,
(b)0.20 per cent. for each of the next forty,
(c)0.15 per cent. for each of the next forty,
(d)0.10 per cent. for each of the next forty, and
(e)0.05 per cent. for each of the next forty.
(3)In sub-paragraph (2) above “the relevant period” means the period beginning with the latest of—
(a)the date of the last ten-year anniversary of the settlement in which the property was comprised before it ceased (or last ceased) to be relevant property,
(b)the day on which the property became (or last became) relevant property before it ceased (or last ceased) to be such property, and
(c)13th March 1975,
and ending with the day before the event giving rise to the charge.
(4)Where the property in respect of which the tax is chargeable has at any time ceased to be and again become property to which paragraph 8 above applies in circumstances such that by virtue of paragraph 9(1) above there was no charge to tax in respect of it (or, but for paragraph 9(4), there would have been no charge), it shall for the purposes of this paragraph be treated as having been property to which paragraph 8 above applies throughout the period mentioned in paragraph 9(1).