Finance Act 1946

PART III Consequential Amendments.

1 In subsection (1) of section thirty-three of the [44 & 45 Vict. c. 12.] Customs and Inland Revenue Act, 1881, the words " and also, in case the estate and effects shall exceed the value of one hundred pounds, the further sum of thirty shillings for stamp duty " shall cease to have effect; subsection (5) of that section shall cease to have effect; and subsection (2) of section thirty-four of that Act, and sections thirty-five and thirty-six of that Act, shall cease to have effect.

2 In subsection (1) of section sixteen of the Finance Act, 1894, for the words " sections thirty-three, thirty-five and thirty-six " there shall be substituted the words " section thirty-three ", for the words " is payable on the death of the deceased " there shall be substituted the words " would, if estate duty were payable in respect of estates however small the principal value thereof, be payable on the death of the deceased " and the words " and where the gross value does not exceed three hundred pounds the fixed duty shall be thirty shillings, and where the gross value exceeds three hundred pounds and does not exceed five hundred pounds the fixed duty shall be fifty shillings " shall cease to have effect.

3 For subsection (3) of the said section sixteen the following subsection shall be substituted :—

“(3) Where the net value of the property, real and personal, in respect of which estate duty would, if estate duty were payable in respect of estates however small the principal value thereof, be payable on the death of the deceased, exclusive of property settled otherwise than by the will of the deceased, does not exceed one thousand pounds, such property, for the purpose of estate duty, shall not be aggregated with any other property, but shall form an estate by itself and the legacy and succession duties shall not be payable under the will or intestacy of the deceased in respect of that estate.”

4 Subsection (5) of the said section sixteen shall cease to have effect.

5 Section fourteen of the [3 Edw. 7. c. 46.] Revenue Act, 1903, shall cease to have effect.

6 In subsection (2) of section sixty-one of the Finance (1909-10) Act, 1910, for the words " it is claimed that a fixed duty is payable in respect of any property under subsection (1) of section sixteen of the principal Act as being property of a gross value not exceeding three hundred pounds or five hundred pounds, as the case may be," there shall be substituted the words " it is claimed for the purposes of subsection (1) of section sixteen of the principal Act that the gross value of any property does not exceed five hundred pounds. "

7 In subsection (2) of section thirteen of the [4 & 5 Geo. 5. c. 10.] Finance Act, 1914, for the words " estate duty is payable on the death of the deceased " there shall be substituted the words " estate duty would be payable on the death of the deceased if estate duty were payable in respect of estates however small the principal value thereof ".