Finance Act, 1972
|
Provisions consequential on alteration of rates of estate duty. |
27.—(1) Section 26 (1) of the Finance Act, 1961 , is hereby amended by the substitution of “seven thousand five hundred pounds” for “five thousand pounds”. | |
(2) Section 29 of the Finance Act, 1931 , is hereby amended by the substitution of “seven thousand five hundred pounds” for “five thousand pounds” (inserted by the Finance Act, 1960 ). | ||
(3) Where the net value of the property, real and personal, in respect of which estate duty is payable, exclusive of property settled otherwise than by the will of the deceased, exceeds seven thousand five hundred pounds, the amount of legacy and succession duty payable in respect of the property shall not exceed the amount by which the net value of the property as estimated for the purpose of estate duty exceeds seven thousand five hundred pounds. | ||
(4) This section shall have effect only in relation to persons dying on or after the 19th day of April, 1972, and appropriate repayments shall be made accordingly. |