Gift tax exemptions altered: Section 5 amended to remove specified clauses, raise threshold, and omit a sub section.

Section 5 of the Gift tax Act is amended effective 1 April 1987: specified clauses (iiia), (vi), (viii), (ix), (xiv) and (xvi) in sub section (1) are omitted; the words "or clause (vi)" are omitted from sub section (1A); sub section (2)'s figure "five thousand" is substituted with "twenty thousand"; and sub section (3) is omitted.

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