PART III.

Death Duties.

12. —(1) In this section “exemption to which this section applies” means—

(a) an exemption from taxation by virtue of a condition for such exemption under section 47 of the Finance (No. 2) Act, 1915, or that section as amended, adapted or amended and adapted,

(b) an exemption from taxation under section 63 of the Finance Act, 1916, or that section as amended, adapted or amended and adapted,

(c) an exemption from taxation by virtue of a condition for such exemption under subsection (1) of section 21 of the Finance Act, 1923 (No. 21 of 1923), or that subsection as adapted, or

(d) an exemption from taxation under subsection (1) of section 37 of the Finance Act, 1929 (No. 32 of 1929), or that subsection as adapted.

(2) An exemption to which this section applies, so far as relates to duties leviable on or with reference to a death (whether a death which occurs at any time after the passing of this Act or a death which occurred at any time after the passing of the Act referred to in subsection (1) of this section in relation to the exemption and before the passing of this Act), shall be or be taken to have been such as to operate by reference to persons in whose beneficial ownership the relevant securities are or were immediately before, not after, the death.

13. —In the case of persons dying after the 2nd day of May, 1951, the scale set out in the First Schedule to this Act shall be, and shall have effect as, the scale of rates of estate duty in lieu of the scale set out in the Third Schedule to the Finance Act, 1941 (No. 14 of 1941).

14. —(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 two thousand pounds, such property, for the purpose of estate duty, shall not be aggregated with any other property, but shall form an estate by itself, and the legacy and succession duties shall not be payable under the will or intestacy of the deceased in respect of that estate.

(2) The fixed duties of thirty shillings and fifty shillings imposed by subsection (1) of section 16 of the Finance Act, 1894, shall not be payable on any estate.

(3) The provisions of subsection (2) of section 61 of the Finance (1909-10) Act, 1910, shall continue to apply for the purpose therein mentioned notwithstanding that it is not claimed that a fixed duty is payable.

(4) Subsection (1) of section 61 of the Finance (1909-10) Act, 1910, is hereby amended by the substitution of “of any agricultural property comprised in an estate as respects which, if effect is given to that proviso, either the gross value thereof, exclusive of property settled otherwise than by the will of the deceased, does not exceed £500 or the net value thereof, exclusive of property settled otherwise than by the will of the deceased, does not exceed £1,000” for “for determining the gross value or the net value of property for the purpose of section sixteen of the principal Act”.

(5) Section 29 of the Finance Act, 1931 (No. 31 of 1931), is hereby amended—

(a) by the deletion of “in respect of which estate duty is payable on his death”, and

(b) by the substitution of “two thousand pounds” for “one thousand pounds”.

(6) Where the net value of the property, real and personal, in respect of which estate duty is payable, exclusive of property settled otherwise than by the will of the deceased, exceeds two thousand pounds, the amount of legacy and succession duty payable in respect of the property shall not exceed the amount by which the net value of the property as estimated for the purpose of estate duty exceeds two thousand pounds.

(7) This section shall have effect only in relation to persons dying after the 2nd day of May, 1951.