§ Mr. SimonI beg to move, in page 51, line 45, at the end to insert:
(3) References in the foregoing sub-paragraphs to a sum of money or other property being received by the deceased on the earlier death include its being received by him under a gift inter vivos in respect of which estate duty was chargeable on the earlier death and to its being received by him on the distribution under a settlement of property in respect of which duty was so chargeable.This is an Amendment to paragraph 2 of the Eighth Schedule, which deals with quick succession relief. The paragraph as it stands does not cover the case where the second deceased receives the money not on the death of the first person, when duty was paid in respect of it, but as a gift inter vivos or on the ending of a settlement. The Amendment rectifies this.
§ Amendment agreed to.
§ Mr. SimonI beg to move, in page 52, line 15, to leave out from beginning to "and" in line 31 and to insert:
(3) Where there has been a purchase for a consideration in money or money's worth of an interest under the settlement, relief shall not be allowed on the death of a person who acquired his title to the property chargeable (or his interest therein) by or under that purchase, except by reference to the death of another such person, nor be allowed by reference to the death of such a person, except on the death of another such person.(4) Where on the later death the settled property is chargeable with duty by virtue of section forty-three of the Finance Act, 1940.The Amendment replaces paragraphs 3 and 4 by new paragraph 3 which is designed to achieve the same object but 1543 more effectively. The paragraph as drawn has a technical defect which I am prepared to explain to the Committee if hon. Members wish, but unless they so wish I do not propose to do so.
§ Amendment agreed to.
§ Schedule, as amended, agreed to.