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Exclusions from net market value.
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13.—For the purposes of the assessment of tax, there shall be excluded from the net market value of the property comprised in the taxable wealth of an individual on a valuation date—
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(a) in the case of an individual whose wife is living with him on that date, a sum of £100,000,
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(b) in the case of an individual who is a widower or widow on that date and whose spouse had been living with that individual immediately before the death of that spouse, a sum of £90,000, and
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(c) in the case of an individual other than—
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(i) an individual to whom paragraph (a) or (b) applies,
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(ii) a married woman living with her husband, or
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(iii) a minor child to whom the proviso to this section applies,
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a sum of £70,000:
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Provided that there shall also be so excluded a sum of £2,500 in respect of each minor child where the property, if any, of such minor child falls to be included in the taxable wealth of that individual under section 4.
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