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Amendment of section 14 (death) of Principal Act.
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6.—(1) Section 14 of the Principal Act is hereby amended by the substitution, for subsection (1) of that section, of the following subsection:
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“(1) For the purposes of this Act, the assets of which a deceased person was competent to dispose—
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(a) shall be deemed to be acquired on his death by the personal representatives or other person on whom they devolve for a consideration equal to their market value at the date of the death; but
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(b) shall not be deemed to be disposed of by him on his death (whether or not they were the subject of a testamentary disposition).”.
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(2) This section shall apply in relation to a disposal of assets made on or after the 6th day of April, 1978, by the personal representatives or other person on whom those assets devolved on a death.
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