Finance Act, 1966
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Amendment of section 29 of Finance Act, 1965. |
19.—(1) Section 29 of the Finance Act, 1965 , is hereby amended as follows: | |
(a) the following subsections shall be substituted for subsections (2), (3) and (4); | ||
“(2) Where the widow is the only dependant entitled to a benefit on the death of the deceased, any estate duty payable in respect of such benefit shall be abated by the sum of £350 together with a sum of £250 in respect of each child. | ||
(3) Where there are two or more dependants one of whom is the widow and either a child is the only dependant entitled to a benefit on the death of the deceased or more than one dependant are entitled to benefits thereon— | ||
(a) any estate duty payable in respect of a child's benefit shall be abated by the sum of £250: | ||
(b) if the widow is entitled to a benefit, any estate duty payable in respect thereof shall be abated by the sum of £350 together with a sum of £250 for each child not entitled to a benefit. | ||
(4) Where the deceased was, at death, a widower or widow, any estate duty payable in respect of a benefit shall be abated by the sum of £250.”; | ||
(b) “£25,000” shall be substituted for “£15,000” in subsection (6); | ||
(c) in a case in which but for the fact that the estate exceeds £25,000 there would be an abatement of estate duty, the section shall apply with the limitation that the total abatement which would be appropriate apart from paragraph (b) of subsection (5) if the estate did not exceed £25,000 shall be diminished by the amount by which the estate exceeds £25,000 and the said paragraph (b) shall have effect accordingly. | ||
(2) As well as applying in relation to deaths occurring after the passing of this Act, this section shall also apply in relation to deaths occurring before such passing and after the passing of the Finance Act, 1965 , and appropriate repayments shall be made accordingly |