Finance Act, 1955
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Aggregation where property of the deceased does not exceed ten thousand pounds. |
13.—(1) In this section— | |
“the property of the deceased” means property in respect of which estate duty is payable in connection with the death of the deceased and which is— | ||
(a) property to which the deceased was absolutely entitled, or of which he was competent to dispose, at the time of his death, or | ||
(b) property which passes on his death within the meaning of the enactments relating to estate duty under a disposition made by him, or made, directly or indirectly, on his behalf or at his expense or out of funds provided by him, or made by him in the exercise of a general power of appointment, or | ||
(c) property which by virtue of section 23 of the Finance Act, 1940 (No. 14 of 1940), or section 20 of the Finance Act, 1949 (No. 13 of 1949), is deemed to be included in the property passing on the death of the deceased; | ||
“the other property” means the property in respect of which estate duty is payable in connection with the death of the deceased, but which is not the property of the deceased. | ||
(2) (a) Where the net value of the property of the deceased does not exceed ten thousand pounds; that property shall not be aggregated with the other property, but shall form an estate by itself. | ||
(b) Where the net value of the property of the deceased exceeds ten thousand pounds, the amount of estate duty payable in respect of it shall not exceed the amount of estate duty that would be payable if the net value of it were ten thousand pounds, together with the amount by which the net value of the said property exceeds ten thousand pounds. | ||
(3) Where the net value of the property of the deceased exceeds ten thousand pounds, any reduction under subsection (1) of section 13 of the Finance Act, 1914 , of the estate duty payable in respect of the other property shall, in a case in which the estate duty payable in respect of the property of the deceased is reduced in accordance with paragraph (b) of subsection (2) of this section, be calculated as if the estate duty payable in respect of the property of the deceased were not reduced in accordance with that paragraph. | ||
(4) This section shall have effect in relation to any death occurring on or after the date of the passing of this Act. |