(2)Money or money's worth paid or applied by the deceased in or towards satisfied or discharge of debt or incumbrance in the case of incumbrance had not been satisfied or discharged, or in reduction of a debt or incumbrance had not been satisfied or discharged, or in reduction of a debt or incumbrance in the case of which that sub-section has effect on his death, shall, unless so paid or applied two years before the death, be treated as property deemed to be included in the property passing on the death and estate duty shall, notwithstanding anything in section 25, be payable in respect thereof accordingly.
