Finance Act, 1972
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Amendment of section 24 of Finance Act, 1965. |
28.—In the case of persons dying on or after the 19th day of April, 1972, section 24 (1) of the Finance Act, 1965 , is hereby amended— | |
(a) by the substitution for paragraph (d) (i) of the following paragraph: | ||
“(d) (i) Where the aggregate value of all death benefits payable on a death to or for the benefit of the widow or dependent children of the deceased does not exceed £7,500, the benefits so payable shall be exempt from estate duty.”, | ||
and | ||
(b) by the substitution of “£7,500” for “£5,000” in both places where it occurs in paragraph (d) (ii), | ||
and appropriate repayments shall be made accordingly. |