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3(1)In relation to the period beginning with 27th March 1974 and ending with 5th April 1974 and the period of twelve months ending with 5th April 1975, paragraph 2 above shall have effect as if for the references to £1,000 there were substituted references to whichever of the following is the greater—
(a)£1,000, and
(b)the aggregate value of gifts made by the transferor in that period and qualifying for small gifts relief from estate duty.
(2)For the purposes of this paragraph a gift qualifying for small gifts relief from estate duty is a gift which would by virtue of section 59(2) of the [1910 c. 8.] Finance (1909-10) Act 1910 or section 33 of the [1949 c. 47.] Finance Act 1949 or section 6 of the [1949 c. 15 (N.I.).] Finance Act (Northern Ireland) 1949 have been excluded from the property passing on the donor's death for the purposes of estate duty if he had died immediately after making the gift.
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