Clause 3

Where the principal value, as ascertained in accordance with the provisions of this Act, of all property which passes on the death of a person on or after the 8th day of March, 1972, and before the 1st day of April 1974, is —

twenty-five thousand dollars or less, the estate duty payable in respect of such property shall be remitted in full; and

more than twenty-five thousand dollars, that part of the estate duty payable in respect of such property which is in excess of the amount equivalent to the difference between the principal value of such property and the amount of twenty-five thousand dollars shall be remitted as in the following formula: —A − B = C, where Arepresents the amount of the estate duty payable on the principal value of the property; Brepresents the amount by which the value of the estate exceeds twenty-five thousand dollars; and Crepresents the amount of the estate duty to be remitted.(2) Where the principal value, as ascertained in accordance with the provisions of this Act, of all property which passes on the death of a person on or after the 1st day of April 1974, and before the 1st day of April 1977, exceeds fifty thousand dollars, there shall be allowed in respect of that excess a remission of estate duty at the rates set out in the Tenth Schedule to this Act.(3) Where the principal value, as ascertained in accordance with the provisions of this Act, of all property which passes on the death of a person on or after the 1st day of April 1977, exceeds one hundred thousand dollars, there shall be allowed in respect of that excess a remission of estate duty at the rates set out in the Eleventh Schedule to this Act.”.