(1) Where -

(a) a gift or inheritance (in this section referred to as "the earlier benefit") was eligible for relief under this Chapter or would have been so eligible if such relief had been capable of being given in respect of gifts and inheritances taken at that time, and

(b) the whole or part of the property which, in relation to the earlier benefit was relevant business property became, through the earlier benefit, the property of the person or of the spouse or civil partner of the person who is the disponer in relation to a subsequent gift or inheritance (in this section referred to as "the subsequent benefit"), and

(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

(d) the subsequent benefit is an inheritance taken on the death of the disponer,