Finance Act 1972

121 Estate duty: relief for surviving spouse, charities and certain institutions

(1) In determining for the purposes of estate duty chargeable on any death occurring after 21st March 1972 the principal value of an estate there shall be disregarded so much thereof as is attributable to property falling within the following paragraphs, but subject to the limits specified therein—

(a) property given to any of the bodies falling within Schedule 25 to this Act; and

(b) property given to charities, up to a limit of £50,000; and

(c) property given to or devolving on the deceased's widow or widower, up to a limit of £15,000 ;

but it shall not be so disregarded if the property passes under a gift excepted under Part I of Schedule 26 to this Act.

(2) Schedule 26 to this Act shall have effect for supplementing this section.