(1)Where—
(a)an interest in land is comprised in a person’s estate immediately before his death and is sold by the appropriate person within the period of three years immediately following the date of the death, and
(b)the appropriate person makes a claim under this Chapter stating the capacity in which he makes it,
the value for the purposes of this Act of that interest and of any other interest in land comprised in that estate and sold within that period by the person making the claim acting in the same capacity shall, subject to the following provisions of this Chapter, be its sale value.
(2)Subsection (1) above shall not apply to an interest if its sale value would differ from its value on death by less than the lower of—
(a)£1,000, and
(b)5 per cent of its value on death.
(3)Subsection (1) above shall not apply to an interest if its sale is—
(a)a sale by a personal representative or trustee to—
(i)a person who, at any time between the death and the sale, has been beneficially entitled to, or to an interest in possession in, property comprising the interest sold, or
(ii)the spouse or a child or remoter descendant of a person within sub-paragraph (i) above, or
(iii)trustees of a settlement under which a person within sub-paragraph (i) or (ii) above has an interest in possession in property comprising the interest sold; or
(b)a sale in connection with which the vendor or any person within sub-paragraph (i), (ii) or (iii) of paragraph (a) above obtains a right to acquire the interest sold or any other interest in the same land;
and for the purposes of this subsection a person shall be treated as having in the property comprised in an unadministered estate (within the meaning of section 91(2) above) the same interest as he would have if the administration of the estate had been completed.