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Relief for certain moneys payable under policies of assurance.
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59.—(1) Where the property passing or deemed to pass on the death of the deceased includes policy moneys, the principal value of such policy moneys for estate duty purposes shall be reduced by £7,500 or the said principal value, whichever is the lesser.
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(2) In this section—
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“policy moneys” means the total amount of the moneys (other than a return of premiums) payable under a policy or policies of assurance effected by the deceased on his own life and payable on his death where—
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(a) the consideration for the policy was a premium payable yearly, half-yearly, quarterly or monthly for a period depending on the life of the deceased, and
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(b) the total amount of the premiums paid in any period of twelve months did not exceed twenty per cent. of the moneys payable at death,
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but also includes moneys payable on the death of the deceased under a policy of insurance issued subject to the condition that the benefits secured by the policy should be payable only if the death of the deceased occurred as the result of an accident.
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(3) This section shall have effect only in relation to the death of a person dying domiciled in the State on or after the 16th day of May, 1973, and appropriate repayments shall be made accordingly.
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