Finance Act, 1955

Aggregation of certain policies of assurance, etc.

12.—(1) Notwithstanding anything contained in section 4 of the Finance Act, 1894 , where the property which passes on a death, but in which the deceased never had an interest, includes any policies of assurance on his life, or moneys received under such a policy, or interests in such a policy or moneys, all the policies, moneys and interests so included (except any in respect of which estate duty neither is payable on the death nor would be if the duty were payable on estates of however small a principal value) shall, for determining the rate of estate duty to be paid thereon, be aggregated so as to form one estate, and the duty shall be levied at the proper graduated rate on the principal value thereof.

(2) Subsection (1) of this section shall have effect in relation to any death occurring on or after the date of the passing of this Act.