53.—(1) The first £250 of the total taxable value of all taxable gifts taken by a donee from any one disponer in any relevant period shall be exempt from tax and shall not be taken into account in computing tax.
(2) In the case of a gift which becomes an inheritance by reason of its being taken under a disposition where the date of the disposition is within two years prior to the death of the disponer, the same relief shall be granted in respect thereof under subsection (1) as if it were a gift.
(3) The first £250 of the total aggregable value of all aggregable gifts (within the meaning of paragraph 1 of Part I of the Second Schedule) which are taken by the donee from any one disponer in any relevant period shall not be taken into account in computing tax.
(4) In this section, “relevant period” means the period commencing on the 28th day of February, 1969, and ending on the 31st day of December, 1969, and thereafter the period of twelve months ending on the 31st day of December in each year.
