Finance Act, 1961

Provisions to apply where seotion 33 of Wills Act, 1837 has effect.

27.—(1) Property shall not be deemed for purposes of estate duty to pass, or to have passed, on a person's death because, on a later death occurring after the passing of this Act, a testamentary disposition of that property takes effect, under section 33 of the Wills Act, 1837, or otherwise, as if that person, or any other person, had survived the testator.

(2) Where—

(a) a person has predeceased a testator, and

(b) the death of the testator occurs after the passing of this Act,

such person shall not be treated for purposes of legacy duty or succession duty as having acquired a legacy or become entitled to a succession in property devised or bequeathed by the will of the testator.

(3) Where—

(a) a person survives a testator,

(b) the death of the testator occurs after the passing of this Act,

(c) such person becomes beneficially entitled, by devolution from, or under a disposition made by, a person who predeceased the testator, to any interest in, or to the income from, property devised or bequeathed by the testator, and

(d) section 33 of the Wills Act, 1837, has effect in relation to the devise or bequest,

such person shall be treated for the purposes of legacy duty and succession duty as deriving the interest or income from the testator, but the amount of any legacy duty or succession duty which may become payable by virtue of this subsection shall not exceed the amount which would have been payable if this section had not been enacted.