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19 1960

FINANCE ACT, 1960

PART III.

Death Duties.

Alteration of rates of estate duty.

23. —In the case of persons dying after the 27th day of April, 1960, the scale set out in the Second 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 First Schedule to the Finance Act, 1951.

Provisions consequential on alteration of rates of estate duty.

24. —(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, 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) Section 29 of the Finance Act, 1931 , is hereby amended by the substitution of “five thousand pounds” for “two thousand pounds” (inserted by subsection (5) of section 14 of the Finance Act, 1951 ).

(3) 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 five 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 five thousand pounds.

(4) This section shall have effect only in relation to persons dying after the 27th day of April, 1960.

Amendment of section 21 of Finance Act, 1956.

25. —Where a certificate is given by virtue of section 5 of this Act in respect of any stocks, shares or securities, relief from estate duty under section 21 of the Finance Act, 1956 shall not be granted in relation to those stocks, shares or securities save as respects the death of a person dying after the passing of this Act.