5(1)The acquisition of property by a person in or towards satisfaction of the person’s entitlement under or in relation to the will of a deceased person, or on the intestacy of a deceased person, is exempt from charge.
(2)Sub-paragraph (1) does not apply if the person acquiring the property gives any consideration for it, other than the assumption of secured debt.
(3)Where sub-paragraph (1) does not apply because of sub-paragraph (2), the chargeable consideration for the transaction is determined in accordance with paragraph 9(1) of Schedule 4.
(4)In this paragraph—
“debt” (“dyled”) means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date, and
“secured debt” (“dyled sicredig”) means debt that, immediately after the death of the deceased person, is secured on the property.