Finance Act, 1971

Amendment of section 28 of Finance Act, 1931.

34.Section 28 of the Finance Act, 1931 , is hereby amended by the insertion after subsection (5) of the following subsection:

“(6) (a) Where any objects to which this section applies passedor were deemed to pass on any death occurring after the passing of the Finance Act, 1971—

(i) in the event of a sale (other than a sale to which subsection (3) of this section applies) within six years after that death of any of those objects, being objects which passed on that death, or

(ii) in the event of a sale (other than a sale to which subsection (3) of this section applies) of any of those objects, being objects which were deemed to pass on that death, within six years after the date of the divesting, determination or other transaction by virtue of which the objects were so deemed to pass,

subsection (1) of this section shall, in respect of that death, cease to apply to any of those objects that were sold as aforesaid.

(b) References in this subsection to a death on which any objects to which this section applies passed or were deemed to pass shall be construed, in a case in which there was, in relation to those objects, more than one such death, as a reference to the last only of such deaths.”.