Estate Duty (Amendment) Bill

This Act may be cited as the Estate Duty (Amendment) Act, 1974, and shall be deemed to have come into operation on the 1st day of April 1974.

Subsection (1) of section 6 of the Estate Duty Act (hereinafter in this Act referred to as the “principal Act”) is hereby amended by deleting item (g) thereof and substituting therefor the following: —“(g)in the case of any person dying on or after the 9th day of August 1965, and before the 1st day of April 1974 — at the graduated rates set forth in the Fifth Schedule to this Act;

The Fifth Schedule to the principal Act is hereby amended by inserting immediately after the figures “1955” appearing in the second line thereof the expression “AND BEFORE 1ST APRIL 1974,”.

The principal Act is hereby amended by inserting immediately after the Seventh Schedule thereto the following new Schedule: —“EIGHTH SCHEDULESection 6(1)(h).Rates of Estate Duty in the Case of Persons Dying on or After 1ST April 1974Principal value of the estateRate of duty $ For every dollar of the first50,000NilFor every dollar of the next15,0005 per centFor every dollar of the next25,00071/ 2 per centFor every dollar of the next25,00010 per centFor every dollar of the next25,000121/ 2 per centFor every dollar of the next50,00015 per centFor every dollar of the next50,00020 per centFor every dollar of the next100,00025 per centFor every dollar of the next100,00030 per centFor every dollar of the next100,00035 per centFor every dollar of the next250,00040 per centFor every dollar of the next250,00045 per centFor every dollar of the next1,000,00050 per centFor every dollar of the next2,000,00055 per centFor every dollar exceeding4,040,00060 per cent”.

Section 6(1)(h).Rates of Estate Duty in the Case of Persons Dying on or After 1ST April 1974Principal value of the estateRate of duty $ For every dollar of the first50,000NilFor every dollar of the next15,0005 per centFor every dollar of the next25,00071/ 2 per centFor every dollar of the next25,00010 per centFor every dollar of the next25,000121/ 2 per centFor every dollar of the next50,00015 per centFor every dollar of the next50,00020 per centFor every dollar of the next100,00025 per centFor every dollar of the next100,00030 per centFor every dollar of the next100,00035 per centFor every dollar of the next250,00040 per centFor every dollar of the next250,00045 per centFor every dollar of the next1,000,00050 per centFor every dollar of the next2,000,00055 per centFor every dollar exceeding4,040,00060 per cent”.