Finance Act, 1973
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Provisions consequential on alteration of rates of estate duty. |
54.—(1) Section 26 (1) of the Finance Act, 1961 , is hereby amended by the substitution of “ten thousand pounds” for “seven thousand five hundred pounds” (inserted by the Finance Act, 1972 ). | |
(2) Section 29 of the Finance Act, 1931 , is hereby amended by the substitution of “ten thousand pounds” for “seven thousand five hundred pounds” (inserted by the Finance Act, 1972 ). | ||
(3) 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 exceeds ten 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 such property, after deduction of the amount of estate duty referable thereto, exceeds ten thousand pounds. | ||
(4) This section shall have effect only in relation to persons dying on or after the 16th day of May, 1973, and appropriate repayments shall be made accordingly. |