Finance Act, 1961

Exemption where net value does not exceed £5,000.

26.—(1) 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, does not exceed five thousand pounds, legacy and succession duties shall not be payable under the will or intestacy of the deceased in respect of that property.

(2) Subsection (1) of this section shall have effect only in relation to persons dying after the passing of this Act.