Finance Act, 1951

PART III.

Death Duties.

Operation of certain exemptions.

12.—(1) In this section “exemption to which this section applies” means—

(a) an exemption from taxation by virtue of a condition for such exemption under section 47 of the Finance (No. 2) Act, 1915 , or that section as amended, adapted or amended and adapted,

(b) an exemption from taxation under section 63 of the Finance Act, 1916 , or that section as amended, adapted or amended and adapted,

(c) an exemption from taxation by virtue of a condition for such exemption under subsection (1) of section 21 of the Finance Act, 1923 (No. 21 of 1923), or that subsection as adapted, or

(d) an exemption from taxation under subsection (1) of section 37 of the Finance Act, 1929 (No. 32 of 1929), or that subsection as adapted.

(2) An exemption to which this section applies, so far as relates to duties leviable on or with reference to a death (whether a death which occurs at any time after the passing of this Act or a death which occurred at any time after the passing of the Act referred to in subsection (1) of this section in relation to the exemption and before the passing of this Act), shall be or be taken to have been such as to operate by reference to persons in whose beneficial ownership the relevant securities are or were immediately before, not after, the death.