Finance Act, 1973

Amendment of section 24 of Finance Act, 1965.

58.—(1) Section 24 of the Finance Act, 1965 , is hereby amended—

(a) by the substitution in subsection (1) of the following paragraph for paragraph (d):

“(d) The aggregate value of all death benefits payable on a death shall be reduced for estate duty purposes by £7,500 or the said aggregate value, whichever is the lesser.”,

(b) by the deletion in subsection (1) (f) of the definition of “dependent child”

(c) by the deletion in subsection 2 (a) of “, to or for the benefit of the widow or dependent children of the deceased”, and

(d) by the deletion in subsection 2 (b) of “, ‘dependent children’”.

(2) This section shall have effect only in relation to the death of a person dying on or after the 16th day of May, 1973, and appropriate repayments shall be made accordingly.