Finance Act, 1973
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Amendment of section 24 of Finance Act, 1965. |
58.—(1) Section 24 of the Finance Act, 1965 , is hereby amended— | |
(a) by the substitution in subsection (1) of the following paragraph for paragraph (d): | ||
“(d) The aggregate value of all death benefits payable on a death shall be reduced for estate duty purposes by £7,500 or the said aggregate value, whichever is the lesser.”, | ||
(b) by the deletion in subsection (1) (f) of the definition of “dependent child” | ||
(c) by the deletion in subsection 2 (a) of “, to or for the benefit of the widow or dependent children of the deceased”, and | ||
(d) by the deletion in subsection 2 (b) of “, ‘dependent children’”. | ||
(2) This section shall have effect only in relation to the death of a person dying on or after the 16th day of May, 1973, and appropriate repayments shall be made accordingly. |