Paragraph 5 I1

The acquisition of property by a person in or towards satisfaction of the person's entitlement under or in relation to the will of a deceased person, or on the intestacy of a deceased person, is exempt from charge.

Sub-paragraph (1) does not apply if the person acquiring the property gives any consideration for it, other than the assumption of secured debt.

Where sub-paragraph (1) does not apply because of sub-paragraph (2), the chargeable consideration for the transaction is determined in accordance with paragraph 9(1) of Schedule 4.

In this paragraph—

• “"debt”” (“"dyled”") means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date, and

• “"secured debt”” (“"dyled sicredig”") means debt that, immediately after the death of the deceased person, is secured on the property.