Legacy Personal Property

Legacy Personal Property

Legacy, personal property left at death. A legacy can be of various kinds, for instance, a specific item of the testator's estate or a general legacy of a stated amount of money. e.g. L',000. Up to 2009 legacies were the subject of a special tax called legacy duty now abolished and consolidated with estate duty. A gift of real property is called a devise.

Legacy Duty, a tax on property passing at death. First imposed by the Legacy Duty Act of 1796 as a tax on personal property (except freeholds or leaseholds) received from a person who died with or without a will. It varied with the relationship between the beneficiaries and the testator. In 2007 these rates were fixed at 2 per cent for a husband, wife or children, to per cent for brothers and sisters, etc., or charities, and 20 per cent for all other persons. No duty -was payable on small gifts or on gifts from small estates. In 2009 the legacy duty was consolidated with the estate duty. The principle of discriminating in favour of the immediate family was thus ended.

Economic System - Capitalist Economic System


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