Clause 5

by inserting, immediately after the words “1st April, 1982,” in the second and third lines of subsection (1), the words “and before 1st April 1984”;

by inserting, immediately after subsection (1), the following subsection:“(1A) Subject to this section estate duty shall, in the case of a person dying on or after 1st April 1984, not be payable to the extent of —

the amount prescribed of the aggregate value of the deceased’s interest in a dwelling-house or dwelling-houses, whether occupied by the deceased or not;

$500,000 of the aggregate value of all other property, including any interest in any dwelling-house which does not qualify for relief under paragraph (a); and

the excess over $500,000 (if any) of the aggregate amount standing to the credit of the deceased at the time of his death in the Central Provident Fund and in any designated pension or provident fund, except that no contributions (and the interest thereon) made by the deceased on or after 1st April 1982 to the Central Provident Fund or to any designated pension or provident fund shall qualify for relief under this paragraph unless the contributions were deductible by the deceased under section 39(2)(e) of the Income Tax Act (Cap. 141),and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.”;

by inserting, immediately after the words “subsection (1)” in the third and fourth and in the sixth lines of subsection (2), the words “or of subsection (1A)”;

by inserting, immediately after the words “subsection (1)” in subsection (3), the words “or of subsection (1A)”;

by inserting, immediately after the words “1st January, 1981,” in subsection (4)(b)(ii), the words “and before 1st April 1984”; and

by inserting, immediately after subsection (4)(b)(ii), the following sub-paragraph:“(iii)in relation to a person dying on or after 1st April 1984, is $3 million;”.