Finance Act, 1960
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Provisions consequential on alteration of rates of estate duty. |
24.—(1) Where the net value of the property, real and personal, passing on the death of the deceased, exclusive of property settled otherwise than by the will of the deceased, does not exceed five thousand pounds, such property, for the purpose of estate duty, shall not be aggregated with any other property, but shall form an estate by itself, and the legacy and succession duties shall not be payable under the will or intestacy of the deceased in respect of that estate. | |
(2) Section 29 of the Finance Act, 1931 , is hereby amended by the substitution of “five thousand pounds” for “two thousand pounds” (inserted by subsection (5) of section 14 of the Finance Act, 1951 ). | ||
(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 five thousand 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 five thousand pounds. | ||
(4) This section shall have effect only in relation to persons dying after the 27th day of April, 1960. |