Finance Act, 1966


Death Duties

Benefits accruing pursuant to superannuation schemes.

18.—(1) In this section—

“death benefit” means any benefit which accrues pursuant to a superannuation scheme on or in connection with a death, occurring after the passing of this Act, during service or after retirement;

“superannuation scheme” includes any arrangement connected with employment;

“employment” includes employment as a director of a body corporate.

(2) For the purposes of section 2 (1) (d) of the Finance Act, 1894 , a beneficial interest shall be deemed to have accrued on the death in respect of which a death benefit has been paid notwithstanding that at the date of the death no person had a right enforceable at law to the benefit and the provisions of that Act and of section 24 of the Finance Act, 1965 , shall apply to the benefit as if that right had then existed.

(3) A death benefit to which subsection (2) of this section applies shall for all purposes of estate duty, legacy duty and succession duty be deemed—

(a) in case it has been paid to the legal personal representative of the deceased, to be part of the deceased's personal estate passing under his will or intestacy,

(b) in any other case, to be a succession derived under a disposition made by the deceased.

(4) In a case in which a death benefit consists of property other than money, the reference in subsection (2) of this section to a death benefit having been paid shall be construed accordingly.

(5) Section 5 of the Finance Act, 1945 , is hereby repealed in relation to persons dying after the passing of this Act.