The Intestate Succession (Interest and Capitalisation) Order 1977 (Amendment) Order 1983

Statutory Instruments

1983 No. 1374

ADMINISTRATION OF ESTATES

The Intestate Succession (Interest and Capitalisation) Order 1977 (Amendment) Order 1983

Made

7th September 1983

Laid before Parliament

9th September 1983

Coming into Operation

1st October 1983

The Lord Chancellor, in exercise of the powers conferred on him by section 46(1)(i) of the Administration of Estates Act 1925(1) hereby makes the following Order:—

1.  This Order may be cited as the Intestate Succession (Interest and Capitalisation) Order 1977 (Amendment) Order 1983 and shall come into effect on 1st October 1983.

2.  For the figure “7” in Article 2 of the Intestate Succession (Interest and Capitalisation) Order 1977 there shall be substituted the figure “6”.

Hailsham of St. Marylebone, C

Dated 7th September 1983

EXPLANATORY NOTE

The estate of an intestate is charged with a fixed sum (the statutory legacy) in favour of the surviving spouse. Article 2 of the Intestate Succession (Interest and Capitalisation) Order 1977 fixes the rate of interest on the statutory legacy until it is paid or appropriated at 7%. Article 2 of this Order alters that rate to 6%.

(1)

Section 46(1)(i) was amended, in respect of deaths occurring after 1952, by section 1 of the Intestates' Estates Act 1952 (c. 64), in respect of deaths occurring before 1953 and deaths occurring after 1952, by section 28(1) of the Administration of Justice Act 1977 (c. 38), and in respect of deaths occurring after 1966, by section 1(2)(a) of the Family Provision Act 1966 (c. 35).