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(6) For the purposes of this section the relevant period, in relation to any asset, is the period immediately preceding the gift or inheritance during which the asset or, if the relevant business property is an interest in a business, a corresponding interest in the asset, was comprised in the disposition (within the meaning of section 94) or, if the business concerned is that of a company, was beneficially owned by that company or any other company which immediately before the gift or inheritance was a member of the same group.

(a) would not be relevant business property (apart from section 94 and the conditions attached to paragraphs (d) and (f) of subsection (1) of section 93 and other than by reason of bankruptcy or a bona fide winding-up on grounds of insolvency) in relation to a notional gift of such property taken by the same donee or successor from the same disponer at any time within the relevant period, unless it would be relevant business property (apart from section 94 and the conditions attached to paragraphs (d) and (f) of subsection (1) of section 93) in relation to another such notional gift taken within a year after the first-mentioned notional gift,

(a) would not be relevant business property (apart from section 94 and the conditions attached to paragraphs (d) and (f) of subsection (1) of section 93 and other than by reason of bankruptcy or a bona fide winding-up on grounds of insolvency) in relation to a notional gift of such property taken by the same donee or successor from the same disponer at any time within the relevant period, unless it would be relevant business property (apart from section 94 and the conditions attached to paragraphs (d) and (f) of subsection (1) of section 93) in relation to another such notional gift taken within a year after the first-mentioned notional gift,

(b) is sold, redeemed or compulsorily acquired within the relevant period and is not replaced, within a year of the sale, redemption or compulsory acquisition, by other property (other than quoted shares or securities or unquoted shares or securities to which section 99(2)(b) relates) which would be relevant business property (apart from section 94 and the condition attached to section 93(1)(d)) in relation to a notional gift of that other property taken by the same donee or successor from the same disponer on the date of the replacement,

“relevant business property” has the same meaning as it has in section 93, other than shares in or securities of a company (being shares or securities quoted on a recognised stock exchange) and without regard to sections 94 and 100(4).

(1) In this Chapter and subject to the following provisions of this section and to sections 94, 96 and 100(4) “relevant business property” means, in relation to a gift or inheritance, any one or more of the following, that is:

(1) Property shall be treated as complying with section 94 if—

(i) in a case referred to at paragraph (a) of section 94, at least 2 years falling within the 3 years immediately preceding the date of the inheritance, or

(ii) in a case referred to at paragraph (b) of section 94, at least 5 years falling within the 6 years immediately preceding the date of the gift or inheritance,

(b) any other property concerned was such that, had the gift or inheritance been taken immediately before it was replaced, it would, apart from section 94, have been relevant business property in relation to the gift or inheritance.

For the purposes of sections 94 and 95, where a disponer became beneficially entitled to any property on the death of another person the disponer is deemed to have been beneficially entitled to it from the date of that death.

(c) that property, or part, or any property directly or indirectly replacing it, would, apart from section 94, have been relevant business property in relation to the subsequent benefit, and

then the property which would have been relevant business property but for section 94 is relevant business property notwithstanding that section.