(1)In this section 'relevant period', in relation to relevant business property comprised in a gift or inheritance, means the period of 6 years commencing on the date of the gift or inheritance.

(2) The reduction which would fall to be made under section 126 in respect of relevant business property comprised in a gift or inheritance shall cease to be applicable if and to the extent that the property, or any property which directly or indirectly replaces it -

(a) would not be relevant business property (apart from section 128 and the provisos to paragraphs (d) and (f) of subsection (1) of section 127 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 128 and the provisos to paragraphs (d) and (f) of subsection (1) of section 127) in relation to another such notional gift taken within a year after the first-mentioned notional gift;