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Finance Act 1958

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2(1)Property to which the (second) deceased is at his death or has at any time since the earlier death been beneficially entitled (not being property which is or would apart from this paragraph be regarded as being property on which duty was payable on the earlier death) shall be regarded as being the same property as any sum of money received by him on the earlier death (being a sum which is or is to be regarded as being property on which duty was payable as aforesaid), if and to the extent to which it is shown to the satisfaction of the Commissioners that the property can be so regarded on the assumption that the property at any time paid away or otherwise disposed of by the deceased since the earlier death was (as far as might be) property other than that representing the said sum, or, in so far as the property retained by the deceased at his death is not sufficient to represent the said sum, that the sum was applied by him rateably in making any gifts or settlements property comprised in which is chargeable with estate duty on his death.

(2)Where the (second) deceased received on the earlier death property other than a sum of money, and before his death he has ceased to have possession and enjoyment of it in any circumstances in which he can be regarded as receiving money or money's worth in substitution for it, sub-paragraph (1) of this paragraph shall apply as if the property received by him on the earlier death had consisted of a sum of money equal to the net value of that property after the earlier death or to the amount or value (at the time when he ceased to have possession and enjoyment of that property) of what he so receives in substitution for that property, whichever is the less.

(3)References in the foregoing sub-paragraphs to a sum of money or other property being received by the deceased on the earlier death include its being received by him under a gift inter vivos in respect of which estate duty was chargeable on the earlier death and to its being received by him on the distribution under a settlement of property in respect of which duty was so chargeable.

(4)The duty to be reduced by relief given by virtue of this paragraph shall be the duty payable on any property comprised in the deceased's estate at his death, or in the gift or settlement, as the case may be, other than property in respect of which relief is given apart from this paragraph, but subject to the limit imposed on the amount of the relief by subsection (2) of section thirty of this Act.

(5)For the purposes of subsection (3) of section thirty of this Act, relief given by virtue of this paragraph shall be treated as given only on a part of the property on which the duty is reduced equal in value to the amount on which relief is given.

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