(1) In this section -

"earlier relevant inheritance" means a relevant inheritance deemed to be taken on the date of death of the disponer;

"later relevant inheritance" means a relevant inheritance which, after the date of death of the disponer, is deemed to be taken by a discretionary trust by virtue of there ceasing to be a principal object of that trust who is under the age of 21 years;

"relevant inheritance" means an inheritance which, by virtue of section 106(1) of the Finance Act, 1984, is, on or after the 11th day of April, 1994, deemed to be taken by a discretionary trust;

"settled relevant inheritance" means a relevant inheritance taken on the death of a life tenant;

"relevant period" means -

(a)in relation to an earlier relevant inheritance, the period of 5 years commencing on the date of death of the disponer,

(b)in relation to a settled relevant inheritance, the period of 5 years commencing on the date of death of the life tenant concerned, and

(c)in relation to a later relevant inheritance, the period of 5 years commencing on the latest date on which a later relevant inheritance was deemed to be taken from the disponer;